CBRE raises $616m for its U.S. Development Partners 5 fund

CBRE Global Investors, a global real asset management firm with $107.2 billion in assets under management, has completed a final closing for its CBRE U.S. Development Partners 5 fund with $616 million in equity commitments, exceeding its fundraising target.

Development 5, which is closed to new investors, is a continuation and evolution of a fund series sponsored by CBRE, according to the firm. The first three funds in the series have been fully liquidated.

Launched in March 2018, the value-add / opportunistic fund invests in assets across the United States. It will specifically focus on last-mile fulfillment centers; high-quality multifamily rental communities located near transportation and lifestyle amenities; and state-of-the-art healthcare, commercial and mixed-use properties.

The capital was raised from repeat investors from the previous funds in the series. With total projected development costs of $1.3 billion, including leverage, the fund has already in