November 12, 2019
CBRE Global Investment Partners (“CBRE GIP”) and Palmer Capital Partners Limited (“Palmer Capital”) are pleased to announce that they have launched the latest fund in their programmatic venture series targeting value add and opportunistic real estate transactions in the UK.
Building on the success of the previous four funds in the series which have invested a total of £600 million, the Fiera Real Estate Opportunity Fund V (“FREOF V”) will have a maximum six-year duration with a two-year investment window, and will target a 12-15% IRR* to its institutional investor clients of CBRE GIP.
The fund will utilise the expertise of Palmer Capital’s network of 10 regional property companies and focus on active asset management investments and projects with change of planning use potential across the industrial and office markets as well as mixed use schemes.
The vehicle will capitalise upon long term thematic trends of technological change affecting real estate use and service, demographic growth driving demand and urbanisation.
In March 2019 Fiera Capital Corporation (“Fiera Capital”), one of the largest independent asset management firm in Canada, agreed terms for the acquisition of an 80% interest in Palmer Capital, which will be rebranding to Fiera Real Estate UK Limited in January 2020. This deal marked the start of an evolution for the business with the strategic alliance of Fiera Capital, Palmer Capital has become part of a coordinated and growing global platform. The acquisition marked Fiera Capital’s first acquisition of a real estate investment management business outside of Canada. The launch of FREOF V marks the first fund launch since the acquisition.
Dugal Hunt, Region Head of UK, CBRE Global Investment Partners said: “We are very pleased with the launch of FREOF V, another example of our successful partnership with Palmer Capital. The fund is a continuation of the same development and active asset management strategy that has delivered strong returns for our clients, and we look forward to working with Palmer Capital on the latest fund in this series.”
Peter Cuthbert, Head of Fiera Real Estate, Canada commented “We are excited with the prospect of continuing and expanding our very successful relationship with CBRE GIP. We are looking forward to building on a solid track record of value creation to the benefit of our investors.”
Chris Button, Fund Manager at Palmer Capital, commented: “We are delighted to launch the latest fund in our partnership with CBRE GIP. The combination of our clients’ institutional capital and our regional property company operating platform gives us a significant advantage in sourcing projects and delivering our value add business plans.”
* Targeted returns are not necessarily indicative of future returns