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CBRE Group, Inc. reports company news across commercial real estate services, investment management and critical infrastructure services. The company serves owners, occupiers and investors through Advisory, Building Operations & Experience, Project Management and Real Estate Investments, with activities including leasing, sales, debt origination, mortgage servicing, valuations, facilities and property management, flex space, program management, cost consulting, investment management and development.
Recurring developments include quarterly results by service segment, data center and infrastructure service programs, project pipeline commentary, capital actions, shareholder voting matters and updates from CBRE Investment Management. News also covers affiliated real estate and infrastructure fund distribution notices, NAV-related disclosures and portfolio commentary when those funds report through CBRE-branded investment platforms.
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The CBRE Global Real Estate Income Fund (NYSE: IGR) has announced a monthly distribution of $0.05 per share for November 2021. The distribution reflects an annualized rate of 6.5% based on the market price of $9.24. The Board of Trustees reviews these distributions quarterly, with the current fiscal year seeing a total of $0.55 per share distributed so far. The estimated sources include 36% from net investment income and 48% from net realized long-term capital gains. The released data indicates a cumulative total return of 29.02% for 2021.
McWhinney, a Colorado-based real estate developer, announced that Bobo's has signed a lease for a 123,000 square foot industrial facility in Centerra, Loveland. This consolidation will bring Bobo's bakery and warehouse operations under one roof, enhancing local job creation. The facility will support Bobo's growth and is strategically located for distribution. Expected operational start is summer 2022. This lease represents the largest industrial deal in the region since 2019, reflecting high demand for industrial space in Northern Colorado.
CBRE Group, Inc. (NYSE:CBRE) has acquired a 60% stake in Turner & Townsend Holdings Limited for approximately £960 million ($1.3 billion), enhancing its diversification strategy. The partnership positions CBRE as a leading global provider of program and project management services across various sectors, including real estate and infrastructure. The acquisition is expected to be immediately accretive to CBRE's earnings, valuing Turner & Townsend at around £1.6 billion ($2.2 billion). Existing management of Turner & Townsend will retain operational independence while merging resources for enhanced service delivery.
Larchmont Mercantile in Los Angeles' Larchmont Village Shopping District is being revitalized with new tenants, including Holey Grail Donuts and Skin Laundry. Designed by Gensler and financed by CalPrivate Bank, the project spans over 17,000 square feet with 14 retail boutiques. The redevelopment aims to enhance community engagement and capitalize on evolving retail demands. The iconic property, known for its pedestrian-friendly atmosphere, aims to attract innovative merchants and set a new design standard in the area.
CBRE Group, Inc. (NYSE:CBRE) reported Q3 2021 financial results, showcasing a 137% increase in net income and a 135% rise in GAAP EPS to $1.28. Adjusted net income grew 93%, with adjusted EPS at $1.39, reflecting a 20.4% revenue increase to $6.8 billion. The Advisory Services segment experienced a strong recovery, with a 48% revenue growth. Free cash flow rose 14.5% to $928 million, and the company committed $2 billion in capital to growth sectors. CBRE's net leverage ratio stands at -0.31x, indicating strong liquidity.
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The CBRE Global Real Estate Income Fund (NYSE: IGR) has declared a monthly distribution of $0.05 per share for October 2021, with an annualized distribution rate of 7.1% based on a closing market price of $8.46.
The record date is October 20, 2021, and the payable date is October 29, 2021. The current fiscal year has seen ten distributions totaling $0.50 per share. The estimated allocations for this distribution include 35% from net investment income and 44% from net realized long-term capital gains.
CBRE Investment Management Listed Real Assets LLC announced a name change for the CBRE Clarion Global Real Estate Income Fund to the CBRE Global Real Estate Income Fund. The Fund's investment objectives remain unchanged, and it will continue to trade under the ticker symbol IGR on the New York Stock Exchange. This rebranding aligns with the firm's recent transition to a unified identity, enhancing its ability to deliver real asset solutions. As of June 30, 2021, CBRE Investment Management manages $129.1 billion in assets.
CBRE Group, Inc. (NYSE: CBRE) will announce its third quarter 2021 financial results on October 28, 2021, at approximately 6:55 a.m. Eastern time. A conference call will follow at 8:30 a.m. Eastern time, accessible via the company’s website. For U.S. callers, the dial-in number is 877.407.8037, while international callers can reach 201.689.8037. Replay options will be available after 1:00 p.m. Eastern time on the same day, with a webcast replay accessible for 12 months. CBRE is the world’s largest commercial real estate services firm, providing various integrated services.