International property fund manager Cordea Savills is reopening its EUR 125 mln Nordic Retail Fund to raise additional capital for further investment.
International property fund manager Cordea Savills is reopening its EUR 125 mln Nordic Retail Fund to raise additional capital for further investment.
Launched in December 2007, the fund is a Luxembourg domiciled, closed-ended 'funds commun de placement - fonds d’investissement specialise' (FCP-FIS). It has a total return target of 10% per annum and focuses on both in and out-of-town retail formats with a strong income profile and the potential to add value.
Håkan Blixt, the fund's portfolio manager, said he has identified opportunities to acquire attractively priced properties where total returns in excess of 10% can be achieved. 'We are able to source stock with yields of over 6% where there is the potential to develop the tenant mix or extend the net lettable area and so enhance total returns.'
He added: 'There are a number of opportunities to add value by refurbishing and extending older stock as many of the shopping centres were completed over 20 years ago. Many use common areas inefficiently and contain old office space that can be converted for retail use.'
