CBRE Investment Management Increases Fund Revolving Credit Facility to €750 million

CBRE Investment Management, on behalf of a Fund sponsored by the firm, has increased the Revolving Credit Facility (RCF), from €450 million to €750 million, and added two new strategic banking partners, Crédit Agricole - Corporate Investment Bank (“CACIB”) and Deutsche Bank AG, Amsterdam Branch (“Deutsche Bank”).

The Fund’s increase to 750 million RCF remains Sustainability-Linked and was initially provided by its long-standing strategic partners ABN AMRO and ING on a 50:50 basis. CBRE Investment Management (“CBRE IM”) has subsequently sought two additional banks with strong European presence and all-round expertise to become strategic partners for the Fund. Deutsche Bank and CACIB have recently entered into the RCF.

The RCF increase gives CBRE IM greater flexibility to control the Fund’s debt profile at a low cost. The move will also enable greater speed of execution for new acquisitions and allow the Fund to better manage the timing differences between equity and new debt inflows versus acquisitions, redemptions, maturing loans, and cost outflows.

“Raising the Fund’s RCF from €450 million to €750 million, and securing two new banking partners, marks a significant achievement, given the levels of illiquidity we’re currently seeing in the real estate debt market, and demonstrates the confidence our partners have in our strategies” said Tom Berens, Senior Director, Treasury & Debt Financing, CBRE IM. “We are very pleased with these two new additions to our experienced strategic partners to support and advise the Fund on its debt capital markets needs.”

The facility has also been reset to a new five-year tenor with two one-year extension options.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $147.5 billion in assets under management* as of December 31, 2023, 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.