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LUXEMBOURG-Two former property directors of the French supermarket group Carrefour have launched a Luxembourg-based SICAV New Europe Property, targeting long-term, risk-adjusted growth by investing in retail real estate in France, Germany and Poland. Their new management company Holfidis Asset Management, targets fund total investment of €1 billion.

Boudjema Naidji and Jean-Marie Andreassier are launching the fund to take advantage of “opportunities in the downgraded economic, financial and real estate environment and focus on the best national and international operators”. New Europe Property has an eight-year term, with option of one-year extension and targets IRR of 15.9%, leveraged, after fees. Borrowing cap is 60% of net assets.

First closing takes place in January at a minimum of €50 million, with total target equity of €260 million and bonds of €180 million, allowing GAV of €1 billion. The fund is structured as a public limited liability company with variable capital organized and is a specialized investment fund under Luxembourg law. It will be an ‘umbrella’ fund providing three sub-funds corresponding to specific markets – France, Germany and Poland. Shareholders holding more than 2.5% of fund equity will be given the right to participate in the investment committee.

Allan Saundersonis a managing editor of Property Finance Europe and a contributor to GlobeSt.com.

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