Real asset investment management firm CBRE Global Investors has raised $100 million so far for a Japan-focused logistics fund, CBRE Asia Value V Japan Logistics Co-Investment SCSp, its filing with the US Securities and Exchange Commission showed.
The filing did not specify the target and timeline for the private equity co-investment fund but it showed that the $100 million commitment came from a lone investor. The SEC document was signed by CBRE Global Investors compliance officer Daniel Hamm.
The initial close of the co-investment fund a year after the real asset investment management firm made the final close of the main fund, CBRE Asia Value Partners V, at its hard cap of $900 million, which was lower than the $1 billion that its predecessor fund raised in 2017.
Fund V’s close brought CBRE Global Investors’ total assets under management to $11.9 billion in the Asia Pacific across core value-add and opportunistic private real estate, listed real assets, and infrastructure, through funds and separate accounts.
The firm has been actively investing in the Asia Pacific region since 1995.
CBRE’s Asia Value Partners strategy invests in build- or reposition-to-core opportunities focused primarily on the developed markets of Asia Pacific, with an overweight to the logistic sector.
“Our focus is the logistics sector, which we believe is supported by structural factors driving tenant and investment demand globally, from which Asia Pacific is a primary beneficiary,” the company says on its website.
It also selectively pursues investment in sectors supported by positive structural trends and opportunities offering compelling returns.
In Japan, the firm has become an active player in the logistics and industrial sector following its $981-million acquisition of a logistics portfolio comprising 169 properties in 2016. CBRE sold the portfolio, collectively named Mitsubishi Fuso Portfolio, for $1.3 billion in 2020.
It has so far invested over $2 billion in acquiring and developing over 1.2 million square meters of logistics space in the country.