MEAG in Collaboration With CBRE Investment Management Acquires Exclusive Residential Property in Boston

MEAG, on behalf of Munich Re entities in the USA and in collaboration with CBRE Investment Management, has acquired 1330 Boylston in Boston, a 200-unit Class A high-rise. With this transaction, MEAG has achieved its goal of building up a significant portfolio worth 400 million US dollars within 24 months. Further residential complexes are located in Dallas, Texas, Durham, North Carolina and Washington D.C. A total of 700 residential units in prime locations and of the highest quality have been acquired.

Dr. Stefan Haas, member of the Board of Management and Global Head of Real Estate at MEAG: “With US residential, we are strengthening and diversifying our real estate portfolio in the USA. High-quality US real estate is attractive and offers higher risk-adjusted returns than in Europe. We are looking forward to acquire high-quality US real estate for other institutional investors in the future. With our local colleagues, we will be able to further enhance the property and increase the rental success.”

“This property is a great addition to Munich Re's growing U.S. residential real estate portfolio,” said Volker Zinkl, Head of International Real Estate Asset Management at MEAG. ”Boston is a prime location that continues to attract talent and foster economic growth. We are confident in the long-term appreciation of properties with large floor plans and a central location.”

Located in Fenway, one of Boston's most desirable neighborhoods, 1330 Boylston is a part of a mixed-use development that includes ground floor space occupied by popular restaurants and fitness concepts. Samuels & Associates, owners of the retail and garage portions of the mixed-use project, will remain as the highrise’s management and leasing team, ensuring strong consistency in management and results for the asset. Fenway is adjacent to the Longwood Medical Area (LMA), which is home to nearly 70,000 jobs in hospitals, research institutions, medical schools and healthcare organizations such as Harvard Medical School, Dana-Farber Cancer Institute and Boston Children's Hospital.

"1330 Boylston is a high-quality asset in an extremely walkable location that is differentiated by its large floor plans,” said Daniel Casey, Director, Residential Transactions at CBRE Investment Management. “This investment underscores CBRE Investment Management’s continued partnership with MEAG and provides the opportunity to enter a premier neighborhood of a world-class city at a significant discount to new construction cost. There is also ability to drive revenue through targeted capital expenditures, providing enhanced long-term cash flow for our investor.”

The sale was facilitated by the Boston Newmark Capital Markets Team.

MEAG is the asset manager of Munich Re Group. With representations in Europe, Asia and North America, MEAG also offers its extensive expertise to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of around €354 billion, including €63 billion for private and other institutional investors.

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.