Bain Capital and 11North Partners have added five US assets worth $300m (€257.8m) to their joint open-air retail real estate platform.
The pair acquired the 757,00sqft portfolio of assets across California, Virginia, Florida and Texas for the platform, which focuses on investing in open-air retail centres across the core-plus and value-add spectrum throughout the US and Canada.
The deal follows a $1.6bn capital raise for the 11North platform which, alongside Bain Capital Real Estate Fund III, has over $2bn of investable equity.
Since April 2024, the partnership has deployed nearly $1bn across six transactions, building a 2m sqft portfolio of 18 assets.
Brian Harper, founder and managing partner, 11North Partners, said open-air, grocery-anchored retail continues to demonstrate some of the most compelling risk-adjusted fundamentals in the real estate landscape.
Harper added: “We are acquiring high-quality, irreplaceable assets in undersupplied markets at a basis that would be structurally difficult to replicate. The demographic quality across this portfolio, with nearly $132,000 average household income within three miles, is a direct reflection of where we choose to allocate capital.
“These assets were individually curated based on the team’s decades of investing across the country, coupled with a data-driven foundation. With several billions of remaining dry powder, we will remain disciplined in how and where we invest.”
Martha Kelley, managing director at Bain Capital Real Estate, said: “These assets align squarely with our strategy of building a portfolio of institutional quality, open air centres, anchored by best-in-class necessity and lifestyle tenants that serve as cornerstones of their communities.
“Each asset was underwritten using our proprietary data-driven framework, which allows us to evaluate markets, submarkets, and individual assets with a level of precision and conviction we believe is differentiated in this sector.
“Following our successful joint capital raise in December, our platform is well capitalised to continue scaling with discipline, and partnering shoulder-to shoulder with 11North gives us the retail investment and operational expertise to create lasting value for our investors and the communities these centers serve.”
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