PRINCETON, NJ-Chambers Street Properties, the newly independent REIT that was formerly CB Richard Ellis Realty Trust, has secured a revolving credit facility up to $700 million through a group of lenders led by Wells Fargo Securities and RBC Capital Markets, its executives announced.
Chambers Street Properties is making the transition to self-management, and changed its name in July. CBRE Advisors continues to provide consulting through next April. Jack Cuneo, who headed the $2.4 billion REIT, is now president and CEO of Chambers Street Properties, and other top executives also retained their titles in the switch.
"This new line of credit reinforces the strength of our investment strategy and provides us with an expanded capital platform to build upon our existing portfolio and support the next phase of the company’s growth as an investor in high-quality, net leased commercial real estate,” says Cuneo.
The Chambers Street portfolio includes more than 40 markets across three continents: 112 properties in the United States, seven in the United Kingdom and five in Germany. Also, the company has an interest in eight properties located in China and Japan, through an investment with institutional partners in Asia.
Last month, the company acquired a fully-occupied, 1.1 million-square-foot warehouse/distribution center in Kansas City, KS, and a 1 million-square-foot logistics facility near Koblenz, Germany.
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