CBRE IM’s REP2 fund exceeds target, raises €1.5b

CBRE IM has closed its Real Estate Partners 2 (REP2) fund, a real estate secondaries fund, after raising $1.62 bn (€1.5 bn). 

Kilian Toms and Achal Gandhi

This figure not only exceeded their initial goal of $1.25 bn (€1.16 bn) but, with additional co-investment capital, brought their total investment capacity to over $2.25 bn (€2.08 bn).
This achievement highlights strong investor interest in specialised real estate secondaries, especially at this crucial point in the market. REP2 is part of CBRE IM's ongoing series focusing on global real estate secondaries, a strategy they've honed over 15 years with more than $15.5 bn (€14.36 bn) in transactions.
The fund aims for high returns by acquiring top-tier, income-generating properties at reduced prices. CBRE IM plans to utilise its extensive global reach, unique research, and strong industry connections to identify and capitalise on valuable opportunities in often intricate or overlooked areas of the market.
Achal Gandhi, CIO for Indirect Private Real Estate at CBRE Investment Management, said: “The successful close of REP2, which surpassed our fundraising target, underscores the strong investor confidence in our specialist approach. As we look ahead to 2026, we believe we are exceptionally well positioned—with meaningful dry powder and a strong pipeline—to take advantage of a market that continues to be liquidity constrained and rewards disciplined, conviction-led investing.”
Kilian Toms, fund manager for REP2, added: “The scale and evolution of the market present a generational opportunity and our team’s ability to source, underwrite and execute complex transactions is a true differentiator. We are here for the long term, with commitment to finding value where others may not look.”
Following the close of REP2, CBRE IM released research indicating that the global real estate secondaries market hit roughly $24.3 bn (€22.5 bn) in completed deals in 2024. This represents a 3.8% increase from 2023 and is significantly higher than earlier projections.
The research, which leveraged CBRE IM's advanced AI-powered data collection, underscores the increasing significance of secondaries as a common investment approach. REP2 is specifically designed to take advantage of this expansion, providing investors with a varied portfolio of assets spanning the US, Europe, and Asia Pacific. The fund will prioritise sectors that are poised to benefit from enduring structural trends.