Asset manager Savills Investment Management launched a new retail fund that will focus on shopping centers, retail parks, designer outlet centers, high street and other retail assets across Europe.
According to a March 12 report from Property Investor Europe, Europe V targets to raise €500 million, with a 10% to 12% annual total return net of costs, fees and local taxes.
At its first close, Europe V purchased two properties in Breda and Almere in the Netherlands, from Redevco, for €31 million, Savills said in a release.
The new fund follows the launch of Savills' Nordic region-focused retail fund in late 2017. The Nordic retail fund acquired four retail parks from IKEA Centres for €125 million after its first close. Both funds expect a second round of fundraising in the second quarter.
