CBRE Global Investment Partners and Cordatus Real Estate have announced the creation of a new £150m (€207m) UK investment programme targeting smaller assets in retail, office and industrial sectors, to be operated by Cordatus.
The vehicle intends to target investment opportunities in strong micro locations, primarily in UK regional markets, with typical lot sizes of between £3m to £15m (€4.1m to €20.7m), to generate above market income distribution. The programme will be managed by Mike Channing, co-founding director of Cordatus.
Cordatus is known for generating market-leading returns by using its specialist asset management skills to drive rental uplifts and create additional value.
Tom Laidlaw, chief executive at Cordatus Real Estate, said: “We are delighted with the launch of Cordatus Property Trust which is the next stage in the development of our business. This is our venture using institutional capital and builds on the success of our existing Private Client business, workout mandates and Joint Ventures. We are bringing together Cordatus’ asset management expertise and CBRE GIP’s investment capacity and we are looking forward to building a long-term relationship beyond this initial commitment of £150m (€207m).”
Alex Bignell, head of UK, CBRE Global Investment Partners said: “We are very pleased to be investing in a new vehicle with Cordatus. We see an opportunity to invest in smaller lot sized assets in the UK regions to deliver attractive returns for our clients. Cordatus is a highly experienced management team that we consider is extremely well placed to successfully deliver this strategy.”
CBRE Capital Advisors acted as placement agent for Cordatus in raising the equity.
