Pimco, one of the world’s largest asset managers, plans to build a portfolio of €1 bn in the retail markets of southern Europe, according to a report in Property Week.
Pimco, one of the world’s largest asset managers, plans to build a portfolio of €1 bn in the retail markets of southern Europe, according to a report in Property Week.
The move will be undertaken in a joint venture with asset and investment manager GWM, the UK property magazine revealed.
GWM is expected to invest around €150 mln and Pimco €350 mln; additional 50% leverage would give the comibne total firepower of around €1bn. The venture is aiming to provide a leveraged return of 13%-16%.
The pair have already bought their first asset: the Da Vinci Market Central in Rome airport for more than €130 mln from AIG Lincoln.
Pimco is currently raising its $4 bn Bank Recapitalisation and Value Opportunities II Fund (Bravo II) that will invest in US and European distressed residential and commercial real estate.