Diversified Property Owner CBRE Pan European Core Fund Assigned 'BBB+' Rating; Outlook Stable

CBRE Pan European Core (PEC) Fund is a wholly owned subsidiary of CBRE Global Investors Open-Ended Funds S.C.A. SICAV-SIF, a diversified open-ended real estate fund focusing on investment and management of prime quality industrial, retail, office, and residential assets across Europe, with a total gross asset value of €4.8 billion as of Sept. 30, 2020. The company intends to keep expanding its portfolio base and maintaining low leverage, with debt-to-debt plus equity below 25% and strong interest coverage of about 7x over the next two years. We are therefore assigning our 'BBB+' long-term issuer credit rating to CBRE PEC Fund. The stable outlook indicates that we expect CBRE PEC Fund's segment diversity, asset quality, and growth strategy to mitigate the

...December 2, 2020 - CBRE Pan European Core (PEC) Fund is a wholly owned subsidiary of CBRE Global Investors Open-Ended Funds S.C.A. SICAV-SIF, a diversified open-ended real estate fund focusing on investment and management of prime quality industrial, retail, office, and residential assets across Europe, with a total gross asset value of 4.8 billion as of Sept. 30, 2020. - The company intends to keep expanding its portfolio base and maintaining low leverage, with debt-to-debt plus equity below 25% and strong interest coverage of about 7x over the next two years. - We are therefore assigning our '###+' long-term issuer credit rating to CBRE PEC Fund. - The stable outlook indicates that we expect CBRE PEC Fund's segment diversity, asset quality, and growth strategy to mitigate the COVID-19 pandemic's impact on the company's retail portfolio rental income, and we anticipate it will continue to generate overall stable and predictable income. PARIS (S&P Global Ratings) Dec. 2, 2020--S&P Global...

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