Valad Europe has entered into a €500m (£394.6m) joint venture to build up a central European portfolio with a new investor.
The jv, the Valad Central Europe Retail Partnership, will focus on shopping centres, retail parks and retail outlets in Poland and the Czech Republic, targeting single assets with lot sizes of €10 to €60m, and portfolios in excess of €50m.
VCERP has been seeded with an initial €200m of equity from the client and will take on gearing of 60% to 70%.
The jv has recently made its first acquisition, the 393,000 sq ft Galeria Butovice shopping centre in Prague, from ING Real Estate Finance.
Valad Europe manages around €4.9bn of European real estate across 20 funds and separate account mandates.
