Bain Capital and 11North Partners are continuing to make noise together in the real estate investment world. The two announced the raising of as much as $1.6 billion in capital, which will support their joint venture that targets open-air retail centers. Now, they will have access to over $2 billion of investible equity through their open-air focused operating platform.
The capital raise was backed by new and existing investors of Bain, as well as two top global institutional players.
Both Bain and 11North launched the JV in April 2024, focusing on core plus and value-add retail centers located not only in markets in the United States, but also in Canada. In August, the duo acquired a 1.1 million square foot portfolio in the Southeast for $395 million, as previously reported by GlobeSt.
“We see open-air retail continuing to benefit from durable secular trends, including the growth of omnichannel shopping, healthy sales performance in essential categories, and evolving consumer patterns that keep daily needs closer to where people live," Martha Kelley, managing director at Bain, said in a statement, following the capital raising.
"These dynamics create a supportive environment for necessity-based centers in strong, accessible locations, and with the right partnership in place, we believe we are well positioned to continue assembling a best-in-class portfolio that delivers lasting value for our investors."
It's unclear what specific markets are in store for both Bain and 11North next for open-air retail.
Overall, for retail, the sentiment around the sector seems euphoric, following ICSC NEW YORK 2025. In fact, Clare E. Walsh, managing director of leasing strategy at Asana Partners, referred to this time as the "most exciting" to own retail in her career, thanks to the scarce amount of supply available, during a panel discussion at ICSC NEW YORK.
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