Cordea Savills Reopens Nordic Retail Fund
Cordea Savills has reopened its Nordic Retail Fund to investors. The core-plus fund invests in both in- and out-of-town retail formats in the Nordic region.
“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,” says Håkan Blixt, the fund’s portfolio manager. “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.”
The closed-end fund, which targets a total return of 10 percent per year, was launched in December 2007 and has a €125 million portfolio comprising three assets.