Reech-CB Richard Ellis Hedge Fund Up 35%

May 21 2009 | 10:37am ET

A hedge fund joint venture involving real estate giant CB Richard Ellis Group has returned 35% over the last two years, despite the collapse of the global real estate market, it said yesterday.

Most of the Iceberg Alternative Real Estate Fund’s return since inception was booked in its first year, when it returned 29.12%. The fund was launched in May 2007 by CB Richard Ellis and Reech Alternative Investment Management.

Iceberg invests in real-estate investment trusts, real-estate index derivatives and bonds, focused on the British market.

The fund’s return is almost the precise opposite of its benchmark Investment Property Databank UK Monthly Index, with has lost 36% since July 2007.

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