Redevco opens second European retail parks fund, building on €500M predecessor

What's the deal? RedevcoDealroom has a profile for this one. Try Dealroom → has launched and held a first close of the Redevco European Retail Parks Evergreen fund, an open-ended vehicle targeting convenience-focused retail parks and essential-commerce assets across Europe. The fund drew commitments from a diversified group of international institutional investors managed by CBRE Investment Management IndirectDealroom has a profile for this one. Try Dealroom →. Its size was undisclosed.

Why now? The vehicle builds on Redevco's first closed-end European retail parks fund, launched a year ago, which secured more than €500 million and is now 80% committed. One investor from that first fund is backing the new vehicle.

What's the endgame? Rerp Evergreen carries a core/core-plus profile focused on income distribution and prudent leverage. As an open-ended fund, it is built to give investors lasting exposure to the sector and to grow through active asset management. It has already secured three initial assets in Belgium, Spain, and the UK.

The firm: Redevco has over two decades of experience investing in and managing retail parks and convenience-oriented assets. It currently runs more than 190 retail parks worth roughly €5.5 billion across Belgium, France, Germany, Spain, Portugal, and the UK.

The signal: Backers see retail parks as defensive assets with stable consumer demand and limited new supply. "Retail parks continue to offer an attractive combination of solid income, defensive characteristics, and risk-adjusted returns," said Sasha Silver, head of Global Client Group at Redevco. The follow-on fund signals renewed institutional appetite for convenience retail real estate.

Read more: ejeprime.com

Image credit: j.reed