Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     

CBRE GLOBAL REAL ESTATE INCOME FUND

(IGR)
  Report
Delayed Nyse  -  04:00 2022-09-30 pm EDT
5.770 USD   +3.22%
09/27Cbre Global Real Estate Income Fund : Investment Management Closes $45 Million Mortgage Loan for Medical Office Property Outside Denver
PU
09/26Cbre Global Real Estate Income Fund : Investment Management appoints Henrik Skoog as CFO in the Nordics
PU
09/22Cbre Global Real Estate Income Fund : Investment Management Acquires Two Logistics Assets in Madrid
PU
SummaryQuotesChartsNewsCompanyFinancialsConsensusFunds 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

CBRE Global Real Estate Income Fund : Investment Management Acquires Affordable Multifamily BTR Asset in Milan's New Cascina Merlata District

07/20/2022 | 06:24am EDT
London - 20 July 2022 - CBRE Investment Management, on behalf of a fund sponsored by the firm, has acquired a build-to-rent multifamily asset currently under construction in the Cascina Merlata district in Milan, Italy. The developer selling the asset is Greenway S.r.l.

Once complete, the asset, which is classed as affordable housing, will comprise 170 apartments spread over ten above-ground floors, with two below-ground floors allocated for car parking. The ground floor and mezzanine level will be dedicated to storage and bike parking. Homes will range from studios to three-bedroom apartments, all with large terraces, and suitable for a range of occupiers, including young professionals, families and downsizers.

The asset is located along the main boulevard of Cascina Merlata - a new 900,000 sq m residential district. Already home to 3,000 people, development at Cascina Merlata is expected to complete in 2025, when its population will climb to circa 13,000. As well as residential buildings, Cascina Merlata will include public amenities, a shopping centre, and a 200,000 sq m public park.

The Cascina Merlata district is adjacent to Milan's Expo Area, which is undergoing significant urban regeneration, and houses sporting facilities, an open-air theatre, a university campus, and a hospital. Cascina Merlata also offers residents excellent transport links: the city centre can be easily reached via Via Gallarate and Viale Certosa, and the asset is within walking distance of the Molino Dorino metro station.

100% of the building's GLA is classified as affordable housing by the Milan municipality and as a result, the rent is circa 30% lower than the open market rent, making this a highly defensive investment asset with strong reversionary potential over the long term.

Alberico Radice Fossati, Head of Transactions Italy at CBRE Investment Management, said: "Milan is home to one of the highest numbers of homeowners in the EU, but in recent years, there has been a shift to renting due to the high prices of homes, as well as people looking for flexibility in where they live. We have also seen the appetite in Milan increase for multifamily properties offering hospitality-style amenities - reception areas, carsharing, in-house gyms, and so on. This was an exciting opportunity to purchase a residential rental asset that meets these criteria while offering an affordable solution for living within a city that is already reaping the rewards of various regeneration projects."

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $146.8 billion in assets under management* as of March 31, 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.

Disclaimer

CBRE Clarion Global Real Estate Income Fund published this content on 20 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2022 10:23:07 UTC.


© Publicnow 2022
All news about CBRE GLOBAL REAL ESTATE INCOME FUND
09/27Cbre Global Real Estate Income Fund : Investment Management Closes $45 Million Mortgage Lo..
PU
09/26Cbre Global Real Estate Income Fund : Investment Management appoints Henrik Skoog as CFO i..
PU
09/22Cbre Global Real Estate Income Fund : Investment Management Acquires Two Logistics Assets ..
PU
09/21Cbre Global Real Estate Income Fund : Investment Management Acquires Modern Residential As..
PU
09/16Cbre Global Real Estate Income Fund : Investment Management Acquires Prime Residential Por..
PU
09/09Cbre Global Real Estate Income Fund : IGR) Declares Monthly Distribution for September
BU
09/09CBRE Global Real Estate Income Fund Declares Monthly Distribution for the Month of Sept..
CI
09/07Cbre Global Real Estate Income Fund : Investment Management appoints Director of Transacti..
PU
08/23Cbre Global Real Estate Income Fund : Investment Management Fund Invests in Four-Building ..
PU
08/23CBRE Global Real Estate Income Fund Reports Earnings Results for the Half Year Ended Ju..
CI
More news
Financials (USD)
Sales 2021 41,2 M - -
Net income 2021 346 M - -
Net Debt 2021 320 M - -
P/E ratio 2021 3,30x
Yield 2021 6,13%
Capitalization 673 M 673 M -
EV / Sales 2020 33,0x
EV / Sales 2021 35,5x
Nbr of Employees -
Free-Float 100,0%
Chart CBRE GLOBAL REAL ESTATE INCOME FUND
Duration : Period :
CBRE Global Real Estate Income Fund Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CBRE GLOBAL REAL ESTATE INCOME FUND
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Last Close Price 5,77
Average target price
Spread / Average Target -
Managers and Directors
Joseph Patrick Smith President & Chief Executive Officer
Jonathan A. Blome Chief Financial Officer
Thomas Ritson Ferguson Chairman
Robert S. Tull Secretary & Chief Compliance Officer
Asuka Nakahara Independent Trustee