CBRE Retail Property Fund Iberica extends life for a further five years (ES)

The CBRE Retail Property Fund Iberica (RPFI), managed by CBRE Global Investors, has had unanimous agreement from its Limited Partners to extend the life of the fund for a further five years. A small number of investors have decided to redeem their capital.
The original fund duration was ten years from 2000, with a two year extension until April 2012 followed by a number of short-term extensions and a three-year disposal plan approved in December 2013. The newly agreed five year extension will allow the team to focus on the execution of the fund strategy with a priority on protecting and enhancing the value of core assets, including extensions and/or refurbishments, as well as disposing of non-core assets.
The five-year continuation phase will be governed through new fund documentation that was approved by all investors.
Dennis van Vugt, EMEA CFO, CBRE Global Investors and General Partner of the RPFI, commented: "We are very pleased with the investors' continued support to invest with our platform in Spain and Portugal. This is testament to their confidence in our team in Iberia and also the changing fortunes of that market where investors see the opportunities and want to remain part of it".
Jose Borregon, Fund Manager of the RPFI, commented: “The extension demonstrates the rapid change seen in the Spanish market during 2014 with many investors now ready to commit to the market for the long-term. The five year extension has now given us the luxury of time to be able to enhance the value of the assets and work on giving our investors the best return on their investment.”
RPFI is invested in shopping centers in Spain and Portugal. As of December 2014, the fund's portfolio comprises 14 assets and the total gross asset value of circa €1.1 bln.
Source: CBRE Global Investors