Meyer Bergman's European Retail Partners II fund has capped its equity raising at €750 mln at the final close following strong demand from international institutional investors.
Meyer Bergman's European Retail Partners II fund has capped its equity raising at €750 mln at the final close following strong demand from international institutional investors.
Meyer Bergman European Retail Partners II (MBERP II), London-based Meyer Bergman's second value-add retail fund, attracted 15 pension funds, endowments and asset managers from Asia, Europe, the Middle East and North America.
The vehicle focuses on assets in dominant shopping centre locations across Europe that require active asset management. MBERP II has already deployed 50% of the total equity capital now raised by the fund.
The fund has made 10 investments to date, of which it has already exited two. They include buildings on Bond Street, Piccadilly and Queensway in London, a prime retail investment on the Champs-Elysées in Paris and the Karstadt Department Store in Berlin’s Hermannplatz. MBERPII’s first investment was the forward purchase of the Westfield Broadway mall development in Bradford, northern England, construction of which commenced at the start of the year.
'Maintaining a disciplined and focused approach in deploying our investors’ money is paramount, so we have been unable to satisfy all the interest we have received in the fund,' commented Markus Meijer, CEO of Meyer Bergman. 'The unfilled demand from global investors reflects the attraction of investing in properties in Europe’s major shopping destinations, which are resilient and performing strongly, but are also hard to source.'
Greenhill & Co. advised MBERP II on its capital raising.
