Here is an
InvestmentNews article about CNL and Behringer Harvard teaming up to sell two of CNL's REITs, Global Growth and Global Income, both that are advised by Macquarie. The two REITs have raised, combined, approximately $100 million in the more than two years they have been available to broker / dealers. If CNL really wanted to help Behringer Harvard's sales force, it would have allowed them access to the two CNL deals that are actually generating meaningful sales, the CNL Healthcare REIT and the Corporate Capital Trust business development corporation, not the two lagging Macquaire REITs.
My understanding is that Macquarie is no longer involved. Also important to note that they won't have open access to a new group of selling firms. Behringer will still have to obtain sellings agreements which may not be an easy task.
ReplyDeleteThe Tuesday filings still listed Macquarie as sub-advisor. The filing reads as though BH will work the current selling group. BH could probably add more, too.
ReplyDeleteLooks like you're right. May have confused the fund name change with a Macquarie departure.
ReplyDeleteAlso hadn't seen the filing. Reading the article, I took "greater range of clients" to mean selling firms not already participating. If BH will be covering firms with agreements already in place, that will be helpful.