Meyer Bergman has exceeded its hard cap of €750 million for the firm’s latest private equity real estate fund, PERE has learned.
The London-based real estate investment management company held a final close for Meyer Bergman European Retail Partners II (MBERPII) on Thursday, according to sources, with more than 10 investors committing to the vehicle.
In keeping with the private capital raising markets, the fundraise took longer to complete than marketed funds pre-global financial crisis. The firm launched MBERP II half way through 2012 meaning it has taken two years to reach the final milestone.
Meyer Bergman focuses on retail in Europe, though many of its assets are in London. The fund already is currently more than 50 percent invested with around three years left on the investment period clock.
Investments include the Westfield Bradford shopping mall currently under construction, shops on Bond Street, Piccadilly and in Bayswater, London and a luxury shopping block in Paris’ Champs-Elysées which it bought in conjunction with Thor Equities for around €250 million.
As PERE has previously reported, 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.
Marketing material said MBERP II was focused on retail properties that have a “dominant position” in their market or are in prime locations, primarily in Western Europe. The firm 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.
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. It is run by Markus Meijer.