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13 March 2019 HOW PRADERA RETAIL ASIA IS TRANSFORMING DESTINATIONS TO COMPLEMENT RETAIL WITH LEISURE "We pride ourselves on being asset driven. Our skill as a quality asset manager lies in market research" 12 February 2019 Only the right leisure experience will add value to your retail asset In recent years the words ‘leisure’, ‘entertainment’, and ‘food & beverage’ (F&B), have become buzzwords throughout the retail property industry. 29 January 2019 BULD'AIR SHOPPING CENTRE - MOBILIER DE FRANCE A new addition to the home retail offer at Buld'Air Shopping Centre, Avignon, France

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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.”

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Ragusa: Ibleo Shopping Centre