CNL&Macquarrie launch $1.5 billion distressed debt REIT

as reported here,

CNL Macquarie Global Growth Trust is planning to raise $1.5 billion through its first public offering, Business Journal reports. The real estate investment trust (REIT), which is a joint venture between CNL Financial and Macquarie, is offering common shares at $10 per share.

CNL Financial’s subsidiary, CNL Securities, will serve as the managing dealer on the transaction. The REIT will focus on long-term appreciation of assets, such as distressed properties, requiring repositioning or redevelopment. CNL and Macquarie plan to raise another $1.5 billion via an initial public offering to launch CNL Macquarie Global Income Trust.