Industry News

Real assets sustainability benchmark GRESB has been sold by its US parent, Green Business Certification Inc (GBCI), as leading institutional investors move to make it more independent. GRESB, which was founded by a number of European pension funds about 10 years ago, will establish an independent, non-profit foundation overseen by its investor members, including APG, PGGM and Ontario Teachers’ Pension Plan. In 2014, GBCI, the global certification body for ‘green building’ rating system LEED, acquired GRESB, which measures the sustainability...

Legal & General’s alternative asset platform has added a suburban build to rent (SBTR) business to its UK direct investment programme. Legal & General Capital (LGC) said the newly launched SBTR arm will partner with UK housebuilders and undertake a direct delivery programme to bring forward over 1,000 homes each year from 2024. Headed by Simon Century, the SBTR arm expects to develop large scale single family rental communities in suburban locations across the UK. Century, who has led the...

CBRE Global Investors has acquired a 158,510sqm logistics park in Berlin on behalf of Zurich Insurance Group’s German real estate arm. CBRE GI has paid an undisclosed sum to buy the newly-built Schönefeld Airpark from Patrizia. Patrizia acquired the site in 2014 and has recently completed the final phase of development. Airpark, multi-let to seven tenants, comprises 71,657sqm of warehouse space, 5,535sqm of mezzanine space and 5,983sqm of office space. The acquisition brings the total of logistics acquired this year...

Global investment firm KKR is investing in two logistics development project in the Netherlands via its partnership with Mirastar. The partnership has invested an undisclosed amount to buy the 35,000sqm distribution facility in Schiphol Trade Park from Minerva and has bought a 43,000sqm project in Roodendaal, made up of two buildings, from Victorem and BVR Groep. The projects are due to complete in the fourth quarter of next year. In April, KKR acquired a strategic stake in Mirastar from M7...

A Spanish student housing platform, owned by AXA IM - Real Assets and CBRE Global Investment Partners and Greystar, has acquired a 1,100-bed portfolio from Urbania and Invesco Real Estate. The platform, managed by Greystar, has invested an undisclosed amount to buy the four assets located in Madrid, Valencia and Málaga. Three of the assets are under forward purchase agreements and are in advanced phases of construction with completion expected in March 2021, while the fourth in Madrid is ready...