Pradera buys 25 European retail assets valued at €900m
Pradera, which is backed by U.K.-based private wealth partnership LJ Partnership, has acquired 25 retail parks across Europe, valued at €900 million ($949 million).
The acquisition was made by Pradera European Retail Parks SCSp, which recently held a first close. The fund invests in income-producing retail parks across Europe.
The retail parks, situated next to Ikea stores, comprise around 500 units with a land area of more than 5.7 million square feet. About 17 of the assets are located in Germany, France and Poland, with the deals expected to complete on April 4. Eight parks are in Sweden, Finland, Denmark, the Czech Republic and Switzerland, and the transactions are due for completion on Aug. 31.
Ikea announced plans to sell 27 European retail parks during 2016. It would retain another 25 retail parks across Europe. Its shopping centers division, Ikea Centres, also operates in Russia and China.
In April 2016, LJ Partnership acquired a minority stake