CNL and Macquarie Form New Commercial Global Real Estate Fund

Source: CNL

CNL Financial Group, Inc. (CNL) and Macquarie Group Limited (Macquarie), have announced their intent to launch the CNL Macquarie Global Growth Trust, Inc., a new global real estate investment trust (REIT).

The REIT, which will focus on growth opportunities across multiple sectors of the global commercial real estate market, is a new, unlisted United States REIT that will be jointly managed by CNL and Macquarie. The REIT intends to provide investors with exposure to diversified growth opportunities in real estate investments globally, while seeking to preserve invested capital.

“We’re proud to be partnering with Macquarie in the formation of this new REIT,” said James M. Seneff, Jr., chairman, CEO and founder of CNL Financial Group. “Macquarie has an established record of managing and investing in commercial real estate globally.”

Mark Mullen, Division Director of Macquarie Group said: “The complementary experience of CNL and Macquarie in commercial real estate positions us well. We anticipate that our combined expertise should be of significant benefit to this new fund.”

The CNL Macquarie Global Growth Trust marks the first collaboration between the two companies under a new strategic relationship. Both companies have in-depth experience in investing in and managing real estate investments in their respective markets.

CNL Macquarie Global Growth Trust seeks to identify real estate investments which have the potential to generate returns through a combination of active management, renovation or repositioning, development or redevelopment or by otherwise locating markets or situations with growth potential. The REIT intends to invest in properties across a wide variety of commercial real estate sectors, including office, retail and shopping centers, business and industrial parks, multifamily housing and healthcare properties. The REIT also intends to focus on geographic diversification and expects that up to 30 percent of the CNL Macquarie Global Growth Trust’s assets will be outside of the United States. CNL Macquarie Global Growth Trust is anticipated to be available to investors in the second half of 2009.