CBRE Investment Management has announced a sustainability initiative that is intended to scale the development of solar projects within its global direct logistics portfolio.
The firm's direct holdings in this area now span 17 countries worldwide, encompassing more than 600 assets, 200 million ft2 (19 million m2) and $30.2 bn (€30 bn) in assets under management.
As part of the initiative, CBRE Investment Management is working closely with Altus Power, a commercial-scale clean electrification company, in the US and Europe to establish solutions that are focused on decarbonisation and resiliency, including the development and installation of solar power generation, battery storage and electric-vehicle charging systems.
'We are focused on deploying onsite solar projects across our logistics assets where viable in order to advance our sustainability goals and support the transition to clean energy,' said Chuck Leitner, CEO of CBRE Investment Management.
'We look forward to expanding our relationship with Altus Power across core markets in the US and Europe as we scale to make our portfolio more resilient, profitable and sustainable,' Leitner added.
Earlier this year, CBRE Investment Management announced its first agreement with Altus Power to build and operate a portfolio of rooftop community solar projects on logistics facilities that are managed by CBRE Investment Management in Maryland.
The renewed focus on clean electrification comes two years after the business adopted its logistics investor-developer-operator model that focuses on delivery across all aspects of an asset’s lifecycle, from investment through to the user experience.
In line with this, the firm created a global sector-specific logistics team in June 2021 to enhance and better align its expertise across the sector.
Since then, CBRE Investment Management’s direct logistics assets under management have increased by more than 34% from $22.5 bn to $30.2 bn, while the firm’s full real assets portfolio now stands at a record high of $146.9 bn.
Earlier this year, Trammell Crow Company, another CBRE subsidiary, announced a strategic partnership to bring Altus Power’s clean energy solutions to 35 million ft2 of industrial assets in the company’s US real estate development pipeline.