CBRE GI mall fund in €735m close

CBRE Global Investors has announced the final close of its second European shopping centre fund at €735m (£618m). The CBRE European Shopping Centre Fund II will target core-plus shopping centres across Europe with an expected 11% net IRR. Florencio Beccar, head of EMEA retail and fund manager of ESCF II, said 35% of the investors were existing ESCF customers. He said: “This capital raise has exceeded our expectations and shows that investors are keen to support managers that offer a focused and specialist investment strategy.” The fund has bought four shopping centres in Germany, Poland, Italy and Spain. • To send feedback, e-mail karl.tomusk@estatesgazette.com or tweet @ktomusk or @estatesgazette