NEW YORK (Oct. 16, 2019) The
Clarion Partners Real Estate Income Fund Inc. (CPREIF) has closed on its first investment, an $18 million structured debt investment to Buckingham Companies for the recapitalization of Aertson Midtown, a newly constructed, best-in-class property in the heart of Nashville, TN’s Midtown/West End neighborhood.
Aertson Midtown features 350 Class A apartment units, more than 31,000 square feet retail space and a 180-room luxury hotel -- the first in Nashville under the Kimpton flag.
Buckingham Companies, based in Indianapolis, Ind., owns or manages a portfolio of nearly $2.0 billion of real estate for its own account, third-party owners and institutional partners, and specializes in the development, acquisition, renovation and asset management of a wide range of properties.
“We’re pleased to invest in one of the fastest-growing and most dynamic cities in the U.S. The property’s location near Vanderbilt University, four major hospitals and multiple office towers makes it a very strategic site for this kind of mixed-use development,” said Onay Payne, Managing Director of Clarion Partners.
- END -
CPREIF is a non-diversified, closed-end management investment company that continuously offers its common stock. The fund is managed by Legg Mason Partners Fund Advisor (LMPFA), LLC, a whollyowned subsidiary of Legg Mason, Inc., and is sub-advised by Clarion Partners, an affiliate of LMPFA. Western Asset, an affiliate of LMPFA and Clarion Partners, is the fund’s securities sub-adviser. Hard copies of the fund’s complete audited financial statements are available free of charge upon request.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 37 years. Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe. With over $51 billion in total assets under management, Clarion Partners offers a broad range of both debt and equity real estate strategies across the risk/return spectrum to its more than 350 domestic and international institutional investors.
About Western Asset Management
Western Asset Management is one of the world’s leading fixed-income managers. With a focus on long-term fundamental value investing that employs a top-down and bottom-up approach, the firm has nine offices around the globe and deep experience across the range of fixed-income sectors. Founded in 1971, Western Asset has been recognized for an approach emphasizing team management and intensive proprietary research, supported by robust risk management.
About Legg Mason
Guided by a mission of Investing to Improve Lives™, Legg Mason helps investors globally achieve better financial outcomes by expanding choice across investment strategies, vehicles and investor access through independent investment managers with diverse expertise in equity, fixed income, alternative and liquidity investments. Legg Mason’s assets under management are $777 billion as of Aug. 31, 2019.