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CNL, Macquarie Form New Global REIT

ORLANDO-The $1.5-billion trust will seek opportunities across all borders and property types.

By Carl Cronan | Updated on January 06, 2009

(Carl Cronan is editor of Real Estate Florida.)

ORLANDO-Locally based CNL Financial Group Inc. is launching a new REIT with Macquarie Group Ltd. to seek out commercial real estate investment opportunities across all sectors around the globe. The unlisted REIT will be capitalized at $1.5 billion and become available to investors in the latter half of 2009.

Curtis McWilliams, president and CEO of CNL Real Estate Advisors Co., will serve as president of the new CNL Macquarie Global Growth Trust. He says the new REIT will be different from CNL’s other sector-specific trusts, adding that because it is a non-traded fund it is not expected to encounter the same turmoil as traditional REITs lately.

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