Key Takeaways
- • CBRE Investment Management closed its second real estate secondaries fund, Real Estate Partners 2 (REP2), with a total capital commitment of $1.62 billion, according to Commercial Observer.
- • REP2 exceeded its fundraising target by more than $370 million, bringing the firm's total investment capacity to $2.5 billion following the close.
- • The fund will pursue global real estate secondaries primarily in the U.S., Europe and Asia-Pacific, using an opportunistic strategy focused on income-producing assets bought at a discount.
- • CBRE Investment Management has executed roughly $15.5 billion of commercial real estate investments since opening 15 years ago.
- • Global real estate secondaries closed $24.3 billion in transactions in 2024, up nearly 4 percent from 2023; 2025 figures had not yet been calculated.
Summary
CBRE Investment Management, the independently owned investment arm of global brokerage CBRE, announced the close of Real Estate Partners 2 (REP2), its second real estate secondaries fund, with a total capital commitment of $1.62 billion. The fund exceeded its target by more than $370 million. With the close, the firm now has total investment capacity of $2.5 billion, according to the report, which noted that the firm has executed roughly $15.5 billion of commercial real estate investments since its founding 15 years ago.
REP2 will focus on global real estate secondaries, primarily in the U.S., Europe and Asia-Pacific. Following an opportunistic strategy, the fund will prioritize existing, income-producing properties that can be acquired at a discount, and aim to enter what the firm describes as complex or overlooked segments of the market, according to a release.
Achal Gandhi, chief investment officer for indirect private real estate at CBRE Investment Management, said the firm uses a "disciplined, conviction-led" strategy and is positioned to take advantage of the 2026 commercial real estate investment climate through "meaningful dry powder and a strong pipeline," particularly as the market remains constrained by lower liquidity. Gandhi said the fund's oversubscription underscores "strong investor confidence in our specialist approach."
Kilian Toms, fund manager for REP2, described the current global secondaries market as "a generational opportunity." Toms credited the team's ability to "source, underwrite and execute complex transactions" as a differentiator. Per the report, CBRE Investment Management found that global real estate secondaries transactions totaled $24.3 billion in 2024, a rise of nearly 4 percent from 2023, with 2025 data still pending.
REP2 will focus on global real estate secondaries, primarily in the U.S., Europe and Asia-Pacific. Following an opportunistic strategy, the fund will prioritize existing, income-producing properties that can be acquired at a discount, and aim to enter what the firm describes as complex or overlooked segments of the market, according to a release.
Achal Gandhi, chief investment officer for indirect private real estate at CBRE Investment Management, said the firm uses a "disciplined, conviction-led" strategy and is positioned to take advantage of the 2026 commercial real estate investment climate through "meaningful dry powder and a strong pipeline," particularly as the market remains constrained by lower liquidity. Gandhi said the fund's oversubscription underscores "strong investor confidence in our specialist approach."
Kilian Toms, fund manager for REP2, described the current global secondaries market as "a generational opportunity." Toms credited the team's ability to "source, underwrite and execute complex transactions" as a differentiator. Per the report, CBRE Investment Management found that global real estate secondaries transactions totaled $24.3 billion in 2024, a rise of nearly 4 percent from 2023, with 2025 data still pending.
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