CNL occupies two towers that flank Orlando City Hall downtown.

Orlando-based CNL Financial Group and Sydney’s Macquarie Group have joined forces for the first time to establish a new global REIT, CNL Macquarie Global Growth Trust Inc., which will pursue opportunities in just about every sector of commercial real estate in various areas around the world. The partners can afford to think big, as the proposed total offering for the REIT is $1.5 billion.

CNL going on a global buying spree

ORLANDO, Fla. – Oct. 27, 2009 – CNL Macquarie Global Growth Trust Inc. announced its first public offering of $1.5 billion common shares for a new real-estate investment trust, with CNL Financial Group of Orlando serving as managing dealer.

The move marks the first partnership between the CNL group and the Australian-based Macquarie Capital Funds, an affiliate of Macquarie Group Limited, which has more than $189 billion of global assets.

Unlike traditional income-driven trusts, the product announced Thursday is growth-oriented rather than income driven, said a spokesman for CNL. The focus will be on acquiring commercial office, retail, industrial and multifamily properties that may “require repositioning or redevelopment” and that may face financial deadlines or be in markets with growth potential, according to a statement released by CNL on Thursday morning.

As much as 30 percent of those assets are likely to be outside of the United States.

University of Central Florida real estate Professor Randy Anderson said the strategy of pursuing well-placed assets for less than replacement costs is the correct move at this time.

“Right now it’s really important to buy right and buy when the assets are depressed,” Anderson said.

It’s key, he added, to be well-funded with a long view of staying with a property seven to 10 years instead of looking to sell in two or three years.

“You can’t be a musical-chair kind of investor,” he said.

Another consideration is going with an experienced team of investors who know to steer away bargain properties that don’t make sense in the long run, he added. CNL has had an “uncanny” ability to buy those strategic assets when the properties are out of favor, Anderson said.

Founded in Orlando in 1973, CNL Financial group has formed or acquired companies with more than $23 billion in assets, including hotel, retail, restaurant, and senior housing. Macquarie Group Limited, with headquarters in Sydney, was founded in 1969 and operates in more than 70 office locations in 26 countries.

Copyright © 2009 The Orlando Sentinel, Fla., Mary Shanklin. Distributed by McClatchy-Tribune Information Services.