Alternative money manager HQ Capital and real estate services company CNL Commercial Real Estate have formed a joint venture to buy out CNL Financial Group’s stake in CCRE, an HQ Capital news release said.
CNL Commercial Real Estate, which has been since its inception in 2007 a wholly owned subsidiary of alternative money manager CNL Financial Group, will continue under a new name, yet to be determined, as a separate company.
According to the news release, the purchase will allow HQ Capital to “be able to invest as a general partner in the new company’s pipeline of commercial projects” and “investments will be focused on development and (value-added) acquisition opportunities.”
HQ Capital, based in Frankfurt, has about $12 billion in real estate and private equity assets under management.
An HQ Capital spokeswoman had no further information by press time.