Meyer Bergman, the pan-Europe private equity real estate firm, has held another close on its latest opportunity fund, taking its capital raising to a total of €190 million so far.
According to sources, most of the capital committed to Meyer Bergman European Retail Partners II (MBERP II) is from investors in its maiden fund re-upping. The second closing means Meyer Bergman has now raised €190 million in less than a year of marketing.
As PERE has previously reported, MBERP II is targeting €500 million in total commitments and held a first close in June last year. Meyer Bergman itself is thought to be co-investing around €5 million in the vehicle.
In the most recent closing, capital was committed by funds managed by Siguler Guff & Company, the New York-based multi-strategy private equity investment firm. Sources suggested a US endowment fund has also committed.
MBERP II invests in prime retail assets where asset management typically drives the majority of value creation. Meyer Bergman has told investors it will focus on northern Europe, primarily the UK, Germany, the Nordics, and Poland and Czech Republic. At the same time, the fund has the flexibility to strike deals in other distressed European markets, such as Ireland.
So far two investments have been made. The first was a city centre shopping centre in Bradford, UK, from Australian shopping centre developer, Westfield, The second was a series of high street units in Denmark bought from private investors.
MBERP II is the follow up to Meyer Bergman’s first investment vehicle, Meyer Bergman European Retail Partners I, which is now fully committed. The portfolio of the first fund includes London’s Burlington Arcade, The Bentall Centre in Kingston-Upon-Thames, Forum Nova Karolina in Ostrava and Forum Usti Nad Labem in Usti, Czech Republic and Galeria Katowicka in Katowice, Poland.
Meyer Bergman was formed in 2004 by its chief executive officer, Markus Meijer, from the core investment arm of MAB Group, the Dutch developer founded by Ton Meijer in the Netherlands in 1970.