Protego launches EUR 1.65 bn Nordic retail fund

Protego RE Investors has launched the Nordic Retail Fund after having raised EUR 517 mln of equity at first closing from sixteen institutional investors across Europe. Protego and retail asset manager EFM have also co-invested. The property fund manager said it commenced formal marketing of the fund in March 2007, with a targeted minimum capital increase of EUR 215 mln. The fund was launched in a joint venture with EFM Sverige. It has an initial portfolio of circa EUR 585 mln, including 11 shopping centres, located in Sweden and Finland, is a core plus Euro-denominated fund. It invests in a diversified portfolio of retail assets, across the four major Nordic economies of Sweden, Finland, Denmark and Norway. With gearing, total funds available for investment will come to EUR 1.65 bn.

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