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Savills IM raises €110M for new Nordic retail RE fund

Savills Investment Management has established a Nordic region-focused retail fund and raised €110 million ahead of its first close.

With a target annual net return of 7% to 9%, the Nordic Fund III – Retail fund invests in high-street retail assets, retail centers and warehouses, and retail parks across Sweden, Denmark, Norway and Finland.

The investment manager acquired four Swedish retail parks located next to IKEA stores as the fund's seed assets for approximately €130 million from IKEA Centres. The parks are located in Borlänge, Uppsala, Uddevalla and Haparanda.