Cordea Savills re-opens Nordic Retail Fund
Property fund manager Cordea Savills has re-opened its Nordic Retail Fund for further investment to add to its existing €125m portfolio.
The Luxembourg-domiciled closed-ended FCP-FIS fund launched in 2007 and is invested in three assets with a total return target of 10% annually, focused on in and out-of-town retail property.
Håkan Blixt, manager of the fund, said he has identified further properties with yields over 6% and potential to develop tenant mix or the area to be let.
“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. With retail parks there is often the opportunity to increase the lettable area as well as the potential to improve tenant mix and increase footfall,” he said.
Cordea Savills managed €3.3bn of assets as of 30 June 2011.