Bouwfonds REIM, Quares to set up EUR 150m Benelux retail fund

European fund manager Bouwfonds REIM is working with Belgian real estate company Quares to establish a real estate fund offering private investors access to high-quality shops in top locations in the Benelux. The fund has an equity target of EUR 150 mln spread over three closings. The fund launch is scheduled for October, with the first close in January 2012, a spokesperson for Bouwfonds REIM told PropertyEU.

The partners aim to acquire assets in main shopping streets, local shopping centres and city district centres in the Netherlands; main shopping streets and retail parks in Belgium and main shopping streets in Luxembourg. In principle, the allocation should be around 50% for property located in the Netherlands and around 50% for property located in Belgium/Luxembourg.

Bouwfonds REIM will be the prime mover in the fund, and will be responsible for the acquisition and asset and property management of the retail property in the Netherlands. It will also function as the fund manager during the operational phase. Quares will be responsible for the acquisition and asset and property management of retail property in Belgium and Luxembourg. Quares will also advise on structuring and funding issues concerning the retail property in Belgium and Luxembourg.

Bouwfonds REIM said that there is a strong trend towards increasing scale in the retail market. 'Not only is demand rising for large retail units in town centres among international retailers and supermarkets, there is also fierce competition between retail areas. The winners are the areas offering an unusual selection of shops and popular chains with allure or the ability to offer other forms of amusement. This is increasing the appeal of the larger towns and town centres,’ Bouwfonds REIM said.

Part of the real estate group of Dutch financier Rabobank, Bouwfonds REIM has offices in the Netherlands, Berlin and Paris offering funds to private and institutional investors throughout Europe. The company has EUR 7.2 bn of assets under management.

Quares was founded in 2006 and is involved in the acquisition, asset management and property management of residential and commercial property in Belgium, the Netherlands, Luxembourg, Germany and France.