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Successful conversion of Pradera Open-Ended Retail Fund to a German “Spezialfonds”

Europe’s leading specialist retail property fund manager, London based, Pradera, has completed the conversion of its EUR 145 million public mutual real estate fund, the Pradera Open-Ended Retail Fund (POERF), into a German institutional fund (‘Spezialfonds’).

POERF was launched in 2009 on the IntReal service KAG fund platform as a German public mutual fund specialised on retail property in Europe, structured as an investment vehicle for institutional clients only.  Since the launch of the Fund, the German legal framework for public mutual funds has changed significantly, resulting in institutional clients no longer being allowed to allocate new investments to the Fund.  By undertaking a conversion to a Spezialfonds, and the subsequent adjustment of the Fund’s rules, POERF will remain eligible for its target clients, and importantly enabling a platform for further growth.  

Simon Cairns, Pradera’s fund director, says, “The changed legislation was disappointing as it frustrated our original growth plans for the fund.  We are though very pleased to have successfully changed the fund’s status which was a complex project and required the approval of all investors.  We now look forward to continuing with our original aim to create a portfolio of high performing retail properties with performance maximised by our specialist retail property knowledge and local asset management teams.” 

Currently, the POERF portfolio comprises seven retail assets in the United Kingdom, Germany and Poland with an investment volume of around EUR 145 million.  Pradera’s aim is to grow the fund to a total investment volume of EUR 500 million with a target return of between seven to 10 per cent over ten years, and an average dividend of five to six per cent.  Pradera uses Frankfurt based Selinus Capital GmbH as its exclusive distribution partner.

Cairns added “Having paid a dividend to investors, equivalent to 5% on equity last year with then capital growth on top, we are on track to delivering our target returns to investors”.  

Michael Schneider, managing director of IntReal, says: “There is a growing need for traditional open ended funds to convert to Spezialfonds in order to ensure the ongoing involvement of institutional investors. Pradera is the leading specialist retail fund manager in Europe and we are pleased to be able to partner them in this next step for their POERF.”

Pradera News

Mondo Cover: a brand new store at Le Due Valli, Altapinerolo, Italy

Phone accessories and repairs retailer opens new store

Read whole story

Bottega Verde opens following restlying at Casetta Mattei, Italy

Bottega Verde, the leading Italian natural cosmetics brand, unveils its newly refurbished store to the public

Read whole story

China’s Green Shoots – Springing to Life in May

Pradera Retail Asia is quietly optimistic about the recovery of retail sales in China.

Read whole story

Exceptional sales figures in France

95% of retailers in the three retail parks owned by the PERP fund in France resumed trading on 11th May 2020.

Read whole story

Restyling works resume at full speed at the iconic Lingotto building in Turin

Restyling works resume at full speed at the iconic Lingotto building in Turin

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Post COVID-19 Operational Impact on Retail Asset Management

Alison Rehil-Erguven, CEO Pradera Retail Asia, will be speaking at the ULI webinar forum Managing Commercial Real Estate in a Post Pandamic Era

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