LOS ANGELES – November 14, 2017 – CBRE Global Investors has acquired a portfolio of four Bunnings Warehouse retail properties in Australia and New Zealand totaling over 54,000 square meters of lettable area on behalf of clients of CBRE Global Investment Partners.
Bunnings is a home improvement and outdoor living products retailer in Australia and New Zealand and a supplier to households, project builders and commercial tradespeople.
All four freehold assets (two in Sydney, one in Adelaide and one in Auckland) are located in metropolitan areas on arterial roads. Factors expected to drive growth in these markets include household disposable income, renovation activity, housing churn, value and formation, weather, lifestyle and demographic trends, government activity and technology.
“This portfolio provides exposure to a strong credit tenant who is a leading retailer in the home improvement market with quality assets and attractive lease terms,” said Chris Johnston, Director of Investment-Australia and New Zealand, CBRE Global Investors. “Additionally this segment of the retail sector is a preferred one, and this transaction is part of a focused programmatic strategy on behalf of our Global Separate Accounts business. We welcome the opportunity to work with Bunnings on any future acquisitions.”
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $98.3 billion in assets under management* as of September 30, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors 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 asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
CBRE Global Investment Partners Limited is authorized and regulated in the United Kingdom by the Financial Conduct Authority.