Tuesday, 9 September 2014
Meyer Bergman increases €750 million for the second Retail Partners fund (EU)
Meyer Bergman European Retail Partners II, the European retail - anchored real estate fund advised by investment manager Meyer Bergman, has capped its equity raising at €750 million at the final close following strong demand from international institutional investors.
Markus Meijer, Chief Executive Officer of Meyer Bergman, said: “Maintaining a disciplined and focused approach in deploying our investors’ money is paramount, so we have been unable to satisfy all the interest we have received in the fund. The unfilled demand from global investors reflects the attraction of investing in properties in Europe’s major shopping destinations, which are resilient and performing strongly, but are also hard to source.”
Meyer Bergman European Retail Partners II (MBERP II) attracted 15 pension funds, endowments, and asset managers from, Asia, Europe, the Middle East and North America.
MBERP II is London - based investment manager Meyer Bergman’s second value - add retail real estate fund. It focuses on investing in assets in dominant shopping locations across Europe that require active and creative asset management. MBERP II has already deployed 50% of the total equity capital now raised by the fund, acquiring properties located in the centers of European capital cities, such as Berlin, Copenhagen, London and Paris. These prime destinations consistently attract shoppers and retailers, demonstrated by their resilient performance during the recent recession.
The fund has made 10 investments to date, of which it has already exited two. The portfolio of assets includes buildings on Bond Street, Piccadilly and Queensway in London, a prime retail investment on the Champs - Elysees in Paris and the Karstadt Department Store in Berlin’s Hermannplatz. MBERP II’s first investment was the forward purchase of the Westfield Broadway shopping center development in Bradford, northern England, construction of which commenced at the start of this year.
Greenhill & Co. advised MBERP II on its capital raising.
Source: Bellier Financial