CBRE Investment Management Funds to Merge Fiber Portfolio Companies

CBRE Investment Management, on behalf of funds managed by it, today announced the planned merger of its fiber portfolio companies, fiber-to-the-home provider Gateway Fiber, and E-Rate and fiber-to-the-home provider WANRack, LLC.

Gateway, based in St. Louis, is a leading fiber-to-the-home developer and operator serving residential and commercial customers across Missouri, Minnesota and Massachusetts. WANRack, based in Kansas City, is a national integrated broadband provider that serves school districts across 24 states and has a growing residential and commercial fiber business under the Kwikom brand in Kansas. Both companies deliver exceptional customer service and superior fiber-based connectivity offerings.

“This merger will create a national integrated fiber developer and operator with a diversified customer base and geographic footprint”, said Noi Spyratos, Managing Director, Private Infrastructure at CBRE Investment Management. “We’re excited for the next phase of growth for our combined fiber platform as we support continued expansion in unserved and underserved communities in the U.S.”

Chris Surdo, having spent five years at Gateway, most recently as CEO, has been appointed as the CEO of the combined fiber platform. He noted, “We view this as an exciting opportunity for the combined business to unlock growth opportunities and provide a best-in-class internet experience to our customers”.

The merger is expected to close in the first half of 2025, subject to required regulatory approvals.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $148.3 billion in assets under management* as of September 30, 2024, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.