Singapore sovereign wealth fund GIC and French real estate company FREY have formed a €400 million ($442 million) equity partnership to invest in retail parks across Europe.
The partnership will target existing medium-sized retail parks ranging from 5,000 square meters (53,820 square feet) to 35,000 square meters (376,737 square feet) across Western Europe and Poland.
GIC will hold an 80 percent stake in the investment vehicle, while FREY will retain the remaining 20 percent and serve as the operating partner.
FREY will contribute an initial portfolio of three retail parks valued at approximately €176 million ($195 million). The properties include Woodshop in Cesson, France; Parque Mediterráneo in Cartagena, Spain; and Algarve Retail Park in Albufeira, Portugal.
The partnership is part of FREY’s strategy to expand its European retail portfolio while using third-party capital to finance acquisitions. The company will continue to pursue investments o