CNL to Raise $3 Billion for New REIT Targeting Senior Living and More

CNL Financial Group (CNL) launched CNL Properties Trust, Inc., a fund that intends to qualify as a real estate investment trust (REIT) last week.

The company hopes to raise up to $3 billion in capital over the next two years and invest in multiple asset classes, including senior living and health care, lifestyle, lodging and specialty properties.

‘‘We see tremendous opportunities in these asset categories, with property prices at attractive levels and these sectors in need of capital,’’ said Thomas K. Sittema, CEO of CNL Financial Group, the sponsor of the offering. ‘‘CNL Properties Trust will harness the company’s extensive experience in these categories, including our executive team’s knowledge of these industry sectors and relationships with operators and property owners.’’


CNL has prior experience with REITs, each of which focused on a different asset class.  The most recent being Lifestyle Properties, which closed to new investors in April and acquired more than $3.3 billion of assets.

‘‘CNL Properties Trust will be broadly diversified, with the ability to invest in a variety of property sectors and different geographic regions,’’ said Byron Carlock, president and CEO of CNL Properties Trust. ‘‘We believe this broad sector strategy will also allow us to identify growth opportunities and attractively priced assets based on market conditions, demographic trends and competitive factors.’’