Meyer Bergman, the London-based private equity real estate firm specialising in European retail properties, has taken fundraising for Meyer Bergman European Retail Partners II (MBERP II) beyond the halfway mark.
It is understood the company, led my Markus Meijer, has just held a fourth close of €265 million on the way to its €500 million overall target. A Nordic institutional investor is the latest to commit to the value add fund.
Meyer Bergman launched MBERP II mid-way through 2012 and is telling investors that it has already put its committed equity to work. Investors in the fund include Canadian institutions such as Healthcare of Ontario Pension Plan (HOOPP), various US endowments and funds of funds, one of which is a private equity vehicle. With debt financing, MBERPII is able to amass around €1 billion of investments.
Marketing material says MBERP II is focused on retail properties that have a “dominant position” in their market or are in prime locations, primarily in Western Europe. The fund is also investing in the Nordic region, growth markets in Central and Eastern Europe, and has recently been focusing more on distressed markets such as Ireland and Spain.
Some of its most recent investments include Whiteleys Shopping Centre in London’s West End, retail assets in central Copenhagen and Madrid, while it also led a consortium that agreed to forward-purchase the Westfield Broadway shopping centre development in Bradford, northern England.
The firm is out with its third fund after Meyer Bergman European Retail Partners I and Meyer Bergman European Retail Partners II which were launched in 2007 and 2012 respectively.
As previously reported, Meyer Bergman itself is thought to be co-investing around €5 million in the vehicle.
Meyer Bergman was formed in 2004 from the core investment arm of MAB Group, the Dutch developer founded by Ton Meijer in the Netherlands in 1970.