SWIP, Cushman Raise €100M For RE Fund

Scottish Widows Investment Partnership(SWIP) andCushman & Wakefield Investorshave raised €100 million of equity for their European retail fund,Europe Real Estatereports. ThePan-European Urban Retail Fundwill be managed as a joint venture between SWIP and Cushman, holding responsibilities for fund management and asset management, respectively.

With an equal amount of debt, the managers will have an initial €200 million to spend. The fund will target a net total return of 10-12% annually, and will have a duration of eight years and a three-year investment period.

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