Mitiska REIM has raised an initial €124m for its second European retail park fund.
The Brussels-based investment manager said existing and new investors backed its value-add First Retail International 2 vehicle.
Mitiska REIM said the fund, with a hard cap of €200m and 50% leverage, would seek additional capital.
Luc Geuten, executive chairman, said the company had more than €80m of transactions in the pipeline.
“We are keen to conclude our fundraising so we can focus on our extensive deal pipeline that continues to build,” he said.
The FRI 2 vehicle is targeting an IRR of more than 10%, generated through current income for around 50%.
It will target value-add, high-yield and cash-generating assets in need of capital-intensive asset management, as well as selected development projects in need of financing.
The fund will be more than twice the size of FRI 1, which will be fully invested by the middle of this year.