October 7, 2015
Redevco, the pan-European retail real estate specialist, and Hermes Investment Management, the £29.8 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly, have set-up a joint venture to acquire approximately €250 million retail assets in the largest markets of western continental Europe and the Nordic region. The joint venture will target a Core+ / Value-Add investment strategy with a moderate risk profile. Redevco will advise on acquisitions and manage the assembled portfolio.
Redevco CEO Andrew Vaughan said: “I am pleased to say that we are re-entering the market again, working alongside a major British investor that shares our values and qualities. The joint venture demonstrates that Redevco’s new strategy is at work following the restructuring of the business three years ago. This joint venture allows us to leverage the expertise and skills of our teams in retail real estate, a field in which we are a market leader.”
The 50:50 joint venture with Hermes Investment Management will acquire High Street properties, shopping centres and retail parks in need of hands-on asset management. The target markets are France, Germany, the Benelux countries and the Nordic region.
Chris Taylor, Head of Private Markets, Hermes Investment Management, said: “The fundamental changes and ongoing developments in retailing present interesting opportunities for a core+/value-add strategy. Teaming up with Redevco gives us a partner that is a like-minded, long term investor with the intense retail insight locally to deliver the added value from our target markets.”