Grosvenor announced today that it has closed its European retail fund, Grosvenor Retail European Properties, after raising €215m of equity.
GREP has attracted eight institutional investors. The fund manager, Grosvenor, has co-invested in the fund, which will be based in Luxembourg with offices in Paris and Madrid.
The fund will have a capacity of €430m of investor equity and debt and is looking to build a portfolio of retail assets. Grosvenor is looking to acquire town centre properties and retail warehousing with good yields and potential for growth.
The fund will acquire properties located mainly in Spain and France, plus a small number of investments in Italy. Grosvenor has already secured a number of seed properties for the fund.
Neil Jones, Grosvenor’s Chief Executive for Continental Europe, commented: “One of the keys to success in the current environment is access to investment products. Local offices and expertise are crucial to achieve this. With our infrastructure in France and Spain, we are able to offer our investors a depth of market penetration which is rare in a multi-country fund.”
Source: Freeman News/Property Week