U.S.-based CBRE Global Investors and Australia's Logos Property Pty. Ltd. have partnered and raised US$800 million for a yuan-denominated vehicle that will invest in Chinese logistics, PERE News reported Sept. 16, citing three sources close to the situation.
The two companies raised the funds via commitments from four Chinese insurance companies and two offshore institutional investors in July, and a final close for the platform is expected within the next two months, the sources said. The companies' first close in March raised between A$500 million and A$600 million.
Under the partnership, CBRE Global Investors assumed the role of fund manager, while Logos Property is acting as asset manager, the news outlet reported.
The partnership will target opportunities to develop logistics properties, as well as invest in existing projects in China's first- and second-tier cities. So far, it already invested approximately 70% of the capital it has raised, one of the sources said.
CBRE Global Investors and Logos Property both declined to comment on the partnership, PERE News reported.
