Bain Capital Real Estate and 11North Partners, a retail-focused investment platform, have formed a joint venture to acquire and operate open-air retail centers throughout the United States and Canada.

The platform will employ a broad investment mandate, targeting retail opportunities across the risk-return spectrum, and will predominantly focus on open-air retail assets with a high concentration of necessity-based tenants.

“Today, open-air retail centers benefit from a confluence of tailwinds and strong real estate fundamentals that create an attractive risk-return opportunity,” says Brian Harper, founder and CEO of 11North Partners. “We believe historically low supply growth and increased demand for open-air shopping centers, driven by strong retail sales, persistent work-from-home trends and the increased prevalence for omnichannel shopping, provide a favorable backdrop for the sector.”

Ryan Cotton, head of Bain Capital Real Estate, adds, “We believe