An opportunistic fund run by an American asset management group has formed a joint venture with the British investor New River Reit to buy unloved retail parks.
New River Reit has launched the partnership with Pimco’s Bravo Strategies III, a private equity-style fund, with the acquisition of four retail parks in Aberdeen, Dundee, Inverness and the Isle of Wight for £60.5m.
It plans to boost the portfolio to about £500m of assets over the next few years.
