Grosvenor has said it is teaming up with a Canadian investor to launch a pan-European retail investment fund.

Urban Retail V is the Grosvenor Fund Management fifth fund to focus on the high street sub-sector and will target “core cities” in the UK, France, Belgium, Sweden, Finland, Denmark, Italy and Spain.

Both Grosvenor and one of its existing Canadian investors will provide approximately €400m in initial in capital.

Grosvenor has a history of entering into joint ventures with Canadian investors, including Canada Pension Plan Investment Board and PSP Investments.

“Giles Wintle, regional director at Grosvenor, said: “This partnership builds on an already fruitful relationship and the whole team looks forward to working with our clients to build a portfolio of high-quality retail assets that will be proactively managed to outperform the market over time.”