Pradera Europe, the London-based retail real estate fund management firm with €2.2 billion in assets under management, has teamed up with Istanbul-based real estate developer and fund manager Krea Real Estate for the launch of a Turkish retail fund.
According to a report by Property Week, Pradera and Krea plan to raise €250 million of equity, which is expected to be combined with a further €250 million of debt and used to invest in between six and eight shopping centre assets. According to the report, the fund already has attracted interest from institutional investors in the US and the Middle East, although no capital has been committed yet. The partners also are said to be in talks over initial fund acquisitions.
Pradera has prior experience with Turkish shopping centres as it is the asset manager of the country’s largest centre, the 1.1 million square foot Cevahir Shopping Centre, which is owned by St Martins Property, the real estate investment arm of the Kuwait Investment Authority.
Pradera made headlines last November for its plans to launch to an Egyptian retail fund with Cairo-based Palm Hills Development, with a plan for the vehicle to ultimately manage up to five shopping centres valued at up to $800 million.