Fundraising - DECEMBER 12, 2016

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CBRE Global Investors fund exceeds fundraising target

by Andrea Waitrovich

CBRE Global Investors has held a final close for its CBRE European Shopping Centre Fund II, raising €753 million ($799 million) in equity commitments. The fund was oversubscribed.

The fundraising includes €71.1 million ($54.4 million) of co-investment capital and exceeds the original equity fundraising target.

The core-plus fund buys, improves and sells dominant shopping centers across Europe. The strategy is expected to deliver a net IRR of 11 percent. The fund targets assets that have a strong operational track record and offer income growth opportunities from repositioning or short lease expirations.

The fund already has acquired four shopping centers in Germany, Italy, Poland and Spain. Earlier this month, CBRE Global Investors purchased Mongolfiera, a shopping center in Lecce, Italy, for €61.8 million ($65.5 million) from London-based asset manager Schroders.

In August, the fund acquired Rahlstedt Center in Hamburg, German

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