Clarion Partners Real Estate Income Fund Inc. (CPREIF) Closes on Three Strategically Important Acquisitions | Business

By Editor On Oct 7, 2021

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SAN MATEO, Calif .– (BUSINESS WIRE) – Jan. October 2021–

Clarion Partners Real Estate Income Fund Inc. (CPREIF) has strategically expanded its real estate portfolio with three diversifying acquisitions: an apartment building in Charlotte, NC; an industrial property in North Las Vegas, NV; and a multi-use property in a high-traffic area of downtown Austin, TX. Clarion Partners, LLC (“Clarion Partners”), a leading US real estate investment manager, is one of Franklin Templeton’s specialist investment managers.

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Anchor House in Charlotte, NC (Photo: Business Wire)

The three properties, all ideally located in their growing markets, include:

Anchor House (Charlotte, NC)

A 49 unit townhouse community under construction for rent in the heart of the Plaza Midwood neighborhood, less than four miles east of downtown. Resilient net migration, high barriers to new supply and strong employment growth have made East Charlotte a high-growth sub-market.
The project was conceived as a “pocket neighborhood” modeled on a European village. Units have contemporary finishes, with shared amenities like a pool with adjoining cabana, fitness center, BBQ area, and dog park.

Congress Commons (Austin, TX)

A mixed-use property 100% rented by Accenture, a medical tenant and three service-minded retail tenants on iconic Congress Avenue in downtown Austin.
The interior of the building has high quality Class A fittings and the location provides tenants with excellent access to restaurants, entertainment and retail options.

3828 Civic Center (North Las Vegas, NV)

An almost 40,000 square meter class A industrial building that was acquired under a sale-lease-back agreement with a well-funded logistics company to rent 50% of the building.
Located less than 2 miles east of Interstate 15 and approximately 14 miles north of McCarren International Airport, the location offers strong connectivity to the larger metropolitan area and the potential for next day delivery to over 60 million people.

“Anker Haus and Congress Commons offer fund investors exposure to high-growth, high-quality Sun Belt sub-markets that are poised for further expansion,” said Onay Payne, Clarion Partners Managing Director and CPREIF Portfolio Manager. “With the acquisition of the Civic Center, we are also involved in a weak market in the west and in the industrial sector – two areas in which the competition for real estate has proven to be particularly challenging. Clarion’s strong local market relationships were instrumental in identifying and completing this investment. “

Richard Schaupp, Clarion Partners Managing Director and CPREIF Portfolio Manager, added: “We are excited about the scaling and diversification of the portfolio with these three new investments across different regions and property types. As we continue to expand the fund’s real estate portfolio, we will continue to focus on using capital efficiently while helping CPREIF investors. “

About Clarion Partners Real Estate Income Fund Inc. (CPREIF)

CPREIF offers private investors direct access to a portfolio of privately held, high-yielding commercial properties through an innovative mutual fund powered by Clarion’s extensive real estate expertise. CPREIF is a non-diversified, closed-ended management investment company that continuously offers its common stock. The Fund’s investment manager, Legg Mason Partners Fund Advisor, LLC, is an indirect wholly-owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”) and the Fund’s investment sub-advisor, Clarion Partners, is an indirect, majority-owned subsidiary of Franklin Resources. In addition, the Fund’s securities sub-advisor, Western Asset Management, is an indirect wholly-owned subsidiary of Franklin Resources. Hard copies of the full audited financial statements of the Fund are available free of charge upon request. More information about CPREIF can be found at CPREIF.com.

About Clarion partners

Clarion Partners, an SEC-registered investment advisor to FCA authorized and FINRA member firms, has been a leading US real estate investment manager for more than 39 years. The company is headquartered in New York with strategically located offices in the United States and Europe. With total assets under management of more than US $ 63 billion, Clarion Partners offers its more than 500 national and international institutional investors a wide range of real estate strategies across the entire risk-return spectrum. You can find more information about the firm at www.clarionpartners.com.

About Franklin Templeton

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better results through investment management expertise, asset management and technology solutions. Through its specialist investment managers, the company brings extensive skills in equities, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has more than 70 years of investment experience and has assets of over $ 1.5 trillion as of August 31, 2021. For more information, please visit franklinresources.com and follow us on LinkedIn, Twitter and Facebook.

Investment Risks

The fund was recently established and has a limited history of business. An investment in the Fund involves considerable risk. The Fund is intended primarily for long-term investors and an investment in the Fund should be considered illiquid. Unitholders may not be able to sell their units in the Fund or may not be able to sell them at a favorable price. Fixed income securities involve interest rate, credit, inflation and reinvestment risks. As interest rates rise, the value of fixed income securities decreases. High-yield bonds have higher price volatility, illiquidity and the probability of default. The Fund’s investments have a strong real estate investment focus and are therefore subject to the risks typically associated with real estate, including, but not limited to, local, state, national or international economic conditions; including market disruptions due to regional concerns, political unrest, sovereign debt crises, and other factors. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. The Fund and / or its subsidiaries use leverage which increases the volatility of investment returns and exposes the Fund to increased losses if an underlying fund’s investments decline in value. The Fund may use derivatives such as options and futures, which can be illiquid, add disproportionately to losses and potentially have a significant impact on the Fund’s performance.

Liquidity considerations

The Fund should be viewed as a long-term investment as it is inherently illiquid and only suitable for investors who can accept the risks associated with the limited liquidity of the Fund. Limited liquidity will only be made available to Shareholders through the Fund’s quarterly repurchase offers for no more than 5% of the Fund’s Shares outstanding at Net Asset Value. There is no guarantee that these buybacks will go as planned or at all. The shares will not be listed on any public exchange and no secondary market is expected to develop.

Before investing, carefully consider a fund’s investment objectives, risks, fees and expenses. This and other information can be found in each prospectus or summary prospectus, if available, at www.franklintempleton.com. Please read it carefully.

All investments involve risk, including loss of capital. Past performance is no guarantee of future results. All information, statements or opinions contained herein are general in nature, are not directed to or based on the financial situation or needs of any particular investor, and do not constitute investment advice or forecast future events and should not be construed as such, a guarantee of future results or a recommendation regarding a particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in securities or investment strategies should consult their financial professional.

INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | CAN LOSE VALUE

TN21-95-80

View source version on businesswire.com: https://www.businesswire.com/news/home/20211007005812/en/

CONTACT: Franklin Templeton

Corporate communication:

Lisa Tibbitts, (917) 674-8060, Lisa.Tibbitts@franklintempleton.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

SECTOR KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL CONSTRUCTION & REAL ESTATE COMMERCIAL CONSTRUCTION & REAL ESTATE FINANCING CONSTRUCTION & REAL ESTATE REIT

SOURCE: Franklin Templeton

PUB: 7/10/2021 11:46 AM / DISC: 7/10/2021 11:47 AM

http://www.businesswire.com/news/home/20211007005812/en

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