CBRE Global Investors has raised €753m for its second shopping centre fund.

The European Shopping Centre Fund II (ESCF II), which was oversubscribed, is expected to deliver an 11% net IRR.

CBRE GI, which is co-investing €71.1m, said the closed-end fund had a core-plus risk profile.

Florencio Beccar, head of EMEA retail and manager of the fund, said 35% of investors were existing ESCF clients, with CBRE GI’s first fund, launched in 2010, attracting €625m.

“This capital raise has exceeded our expectations and shows that investors are keen to support managers that offer a focused and specialist investment strategy,” he said.

“This platform provides us with a unique understanding of the retail landscape and gives us the edge for identifying the right assets, acquiring them and making them perform for our investors.”

The fund has bought four shopping centres in Germany, Poland, Italy and Spain. 

CBRE GI said it would look to generate alpha by buying, improving and selling dominant shopping centres across Europe. 

Assets with a strong operational track record and income growth opportunities – from short lease expiries or repositioning – will be targeted.

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