Owning18% of the Firm, management prioritizes alignmentwith our investors interests. The business and affairs of the Fund are managed under the direction of the Trustees. The Alameda County (Calif.) Employees Retirement Association (ACERA) has approved an additional investment of up to $35 million in Clarion Partners Lion Industrial Trust. Past performance does not guarantee future results. The Funds income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. Schiff Hardin LLP was paid $67,130 in connection with legal services. Learn about Clarion Europe Careers at Clarion The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. Item 10. The Board of Trustees of the registrant has determined that the registrant has at least one Audit Committee Financial Expert serving on its audit committee. The agreement can be extended at the discretion of the Adviser and the Trustees. Because in the context of Underlying Funds each solicited vote raises unique questions, each Proxy with respect to an Underlying Funds will be analyzed by the Portfolio Manager, and in turn the President and the Investment Committee, on a case-by-case basis. 2008-2023 Sovereign Wealth Fund Institute. Lion Industrial Trust is based out of New York. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. Clarion Lion Industrial Trust, Follow-on (located in United States, North America) was purchased by a Public Pension from United States on 03/17/2022 as a Fund Investment in the Logistics, Industrials and Warehouses industry. Dr. Anderson also served as the Chief Economist and a Division President for CNL Real Estate Advisors, as the Chief Economist and Director of Research for the Marcus and Millichap Company where he served on the Investment Committee, and as Vice President of Research at Prudential Real Estate Advisors. This includes acquisition and asset management roles on over 10M SF of industrial real estate for AIG, and right-sizing under performing retail centers for Clarion Partners. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. Acording to a recently released investment document, the San Jose Police and Fire Department Retirement Plan committed $18.5 million to the investment vehicle, and the San Jose Police and Fire Retiree Health Care Trust Fund committed $1.7 million. Real estate money manager Clarion Partners has agreed to buy Crow Holdings Industrial Trust, a private REIT, for $1.5 billion. Shareholder servicing fees payable (Note 3), Lines of credit interest payable (Note 6), Investment advisory fees payable (Note 3), Accumulated net realized gain on investments, Net unrealized appreciation on investments, Net asset value, and redemption price per share, Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized), Maximum offering price per share ((NAV/0.9425), based on maximum sales charge of 5.75% of the offering price), Net asset value, offering and redemption price per share. If you want to remain at this site, select the DECLINE button. The Lion Industrial Trust seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. Reported distributions from net investment income and realized gains on investments are not an indication as to whether or not the Funds distributions are supported by the Funds returns. Allocation, Sector, and Geographic Diversification are subject to change. The Fund files a complete listing of portfolio holdings for the Fund with the SEC as of the first and third quarters of each fiscal year on Form N-Q. In considering CenterSquares practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience andability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and CenterSquares other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of CenterSquares code of ethics. As of September 30, 2016, net unrealized appreciation/(depreciation) of investments based on the federal tax cost was as follows: Gross Appreciation (excess of value over tax cost), Gross Depreciation (excess of tax cost over value), Cost of Investments for Income Tax Purposes. Randy I. Anderson Ph.D. CRE Dr. Anderson serves as Chief Investment Officer of our advisor and Portfolio Manager of Griffin Institutional Access Real Estate Fund. Sign up to receive emails from IREI. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. We have audited the accompanying statement of assets and liabilities of Griffin Institutional Access Real Estate Fund (the Fund), including the portfolio of investments, as of September 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 (commencement of operations) through September 30, 2014. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. Significant unobservable prices or inputs (including the Funds own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. Lion Industrial Trust is based out of New York. The Lion Industrial Trust had a net asset value of $14.4bn last year. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. The Adviser may determine not to vote a Proxy if doing so would not be in a Clients best interest, such as when the Adviser determines that the cost of voting the Proxy exceeds the expected benefit to the Client. Aon Hewitt Investment Consulting, Inc. (AHIC) provides advisory services to the Fund by recommending private investment securities in which to invest to the Adviser pursuant to an Investment Sub-Advisory Agreement. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. Given the amount of volatility and uncertainty surrounding the U.S. election, the United Kingdoms decision to leave the European Union (commonly referred to as Brexit) and U.S. Federal Reserve (Fed) policy this past year, we have remained overweight to private securities relative our long-term target allocation. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. The Trustees also considered potential benefits for CenterSquare in managing the Fund, including promotion of CenterSquare name, the ability for CenterSquare to place small accounts into the Fund, and the potential for CenterSquare to generate soft dollars from Fund trades that may benefit CenterSquares other clients. The Trustees also noted that the Adviser seeks, through this approach, to allocate between public and private real estate securities and allow the Fund to invest across a diversified set of investment managers and strategies as well as to provide investment exposure across property types and geographies. All Rights Reserved. Total distributions during a calendar year generally will be made from the Funds net investment income, net realized gains on investments and net unrealized gains on investments, if any. The Funds Private Allocation Sub-Advisor, Aon Hewitt Investment Consulting, an Aon Company, provides investment consulting services to over 480 clients in North America with total client assets worldwide of approximately $4 trillion, including more than $3 trillion in the U.S. as of December 31, 2015. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. By clicking on I accept, you consent to our Privacy Policy. Errors are noted below: Thanks for reaching out. All text and design is copyright 2020 WhaleWisdom.com. CONTACT. New York-based Clarion, a subsidiary of ING Real Estate,. The Distributor serves as principal underwriter of shares of the Fund. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. The investment objective of the Fund is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. The fund is located in New York, New York and invests in the United States. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. Recommended for You Copia Group appoints Beata Kirr as its first chief. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. Performance may be lower or higher than performance data quoted. Adjusted for initial maximum sales charge of 5.75%. to see more advanced email alert options such as selecting any type of Fund Administration and Accounting Fees and Expenses. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. GS Infrastructure Partners (GSIP- Goldman Sachs) Good. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. Explore! It is calculated by annualizing the most recent Fund distribution yield. This material does not constitute investment advice, nor does it constitute an offer in any product or strategy offered by Clarion Partners LLC or Clarion Partners Europe, and should not be viewed as a current or past recommendation to buy or sell any securities. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). The term of office for each Trustee and officer listed above will continue indefinitely. James Hendricks - Managing Director @ Clarion Partners - CrunchBase Company profile page for Lion Industrial Trust including stock price, company news, press releases, executives, board members, and contact information The NFI-ODCE, short for National Council of Real Estate Investment Fiduciaries (NCREIF) Fund Index - Open End Diversified Core Equity, is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both a historical and current basis the results of 24 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. Because the Portfolio Manager and the Associate Portfolio Manager may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) (collectively Client Accounts), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. Clarion Lion Industrial Trust General Information. Pursuant to Section 852(b)(3) of the Internal revenue Code, the Fund designated $1,881,291 as long-term capital gain distribution for the year ended September 30, 2016. The Funds investment adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.91%, 2.66% and 1.66% per annum of the Funds average daily net assets attributable to Class A, Class C and Class I shares, respectively. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. PURCHASES AND SALES OF INVESTMENT SECURITIES. Clarion Partners Europe is a leading specialist investor in pan-European logistics. The Fund is considered an investment company for financial reporting purposes under GAAP. The tax character of distributions paid for the years ended September 30, 2016 and September 30, 2015 were as follows: As of September 30, 2016 the components of accumulated earnings/(deficit) on a tax basis were as follows: Other cumulative effect of timing differences. HFF Secures $175M Refi from TIAA-CREF - Commercial Observer Clarion Lion Properties Fund, L.P. Overview Fund Type: real estate Private Fund ID: 805-4715412151 Fund Manager: Clarion Partners (Crd# 108803) Registered Location: Delaware, United States Total Assets: $10 billion Minimum Investment: $0 Clarion Lion Industrial Trust (the "Fund") is a private REIT focused on the industrial property sector in North America. Average borrowings and the average interest rate for the days the Credit Suisse line of credit was outstanding during the year ended September 30, 2016 were $41,831,967 and 3.17%, respectively. In addition to his role in the United States, Kris co-managed . A large standard deviation implies that there have been large swings in the return series of the manager. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement for the Fund. As of October 3, 2016 the private securities represent over $139 billion of real estate and 2,196 investments diversified by sector, geography and manager. LION INDUSTRIAL TRUST Clarion Partners, LLC. Learn about our approachView our case studies, Read about our approach to asset management. Total returns are for the period indicated and have not been annualized. Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. To read this full article you need to be subscribed to Newsline. Clarion Lion Properties Fund, L.P. - Fund Data The Fund currently offers Class A, Class C and Class I shares. Sign up here. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. LION INDUSTRIAL TRUST Top 13F Holdings - whalewisdom.com The following is a summary of the inputs used in valuing the Funds investments as of September 30, 2016: Level 2 - Other Significant Observable Inputs, Private Investment Funds (Measured at net asset value). Class C and Class I shares are offered at net asset value. Privacy and security policies of such site may differ from those practiced by Clarion Partners. A negative correlation of -1 indicates that the securities have moved in the opposite direction. Investment return and value of the Fund shares will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. Clarion Lion Industrial Trust, Follow-on in United States, North The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. Class I shares are not currently subject to a shareholder services fee. Investment in real estate is speculative and involves significant risk. Average borrowings and the average interest rate for the days the BNP line of credit was outstanding during the year ended September30, 2016 were $26,229,249 and 1.54%, respectively. USPTO Trademarks Clarion Partners, LLC Lion Industrial Trust Application #85442431. We have strategically shifted the portfolio composition in favor of managers whom we believe are best poised to deliver outsized growth of key operating metrics. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. In considering the Advisers practices regarding brokerage and portfolio transactions, the Trustees reviewed the Advisers standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. U.S. The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. No affiliation or endorsement, express or implied, is provided by their use. Since our last annual report (September 2015), we added five additional best in class private institutional real estate securities, which represents an increase of $73 billion in gross asset exposure and 1,195 additional assets to the portfolio.
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