CBRE Investment Management Announces Enhanced Focus on Solar, Battery Storage as Part of Sustainability Initiative in Growing Logistics Portfolio
Altus Power to help develop rooftop solar, battery storage and EV charging in U.S. and Europe
August 15, 2022
CBRE Investment Management announced today a sustainability initiative that is intended to scale the development of solar projects within its direct logistics portfolio, which now spans 17 countries worldwide and encompasses more than 600 assets, 200 million sq. ft. and $30.2 billion AUM.
As part of this initiative, CBRE Investment Management is working closely with Altus Power, Inc. (NYSE: AMPS), a premier commercial-scale clean electrification company, in the U.S. and Europe to establish solutions that are focused on decarbonization and resiliency, including the development and installation of solar power generation, battery storage and electric-vehicle charging systems.
“We are focused on deploying onsite solar projects across our logistics assets where viable in order to advance our sustainability goals and support the transition to clean energy,” said Chuck Leitner, chief executive officer of CBRE Investment Management. “We look forward to expanding our relationship with Altus Power across core markets in the U.S. and Europe as we scale to make our portfolio more resilient, profitable and sustainable.”
Earlier this year, CBRE Investment Management announced its first agreement with Altus Power to build and operate a portfolio of rooftop community solar projects on logistics facilities that are managed by CBRE Investment Management in Maryland. These projects, which provide renewable energy to residential customers and CBRE Investment Management logistics tenants, are expected to produce savings for approximately 5,700 residential customers in Maryland.
CBRE Investment Management’s enhanced focus on clean electrification comes two years after the business adopted its logistics investor-developer-operator model that focuses on delivery across all aspects of an asset’s lifecycle, from investment through to the user experience. In line with this, the firm created a global sector-specific logistics team in June 2021 to enhance and better align its expertise across the sector. Since then, CBRE Investment Management’s direct logistics assets under management have increased by more than 34% from $22.5 billion to $30.2 billion, while the firm’s full real assets portfolio now stands at a record high of $146.9 billion.
Earlier this year, Trammell Crow Company, another CBRE subsidiary, announced a strategic partnership to bring Altus Power’s clean energy solutions to 35 million sq. ft. of industrial assets in the company’s U.S. real estate development pipeline.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management* as of June 30, 2022, 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 2021 revenue). CBRE has more than 105,000 employees (excluding 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.