Redevco has completed a first close of around €500 million for European Retail Parks Evergreen (RERP Evergreen), its second fund dedicated to European retail parks. The fund is backed by international institutional investors represented by CBRE Investment Management Indirect, along with co-investment from Redevco. It has secured three initial assets in Spain, Belgium and the UK.
The open-ended vehicle has a core/core-plus profile. Its strategy is to generate and distribute income by investing in convenience retail parks and essential retail assets. It will prioritise established catchments and prudent use of leverage, relying on active management to create long-term value.
The portfolio will mainly comprise parks linked, directly or indirectly, to everyday shopping operators. It may also include hybrid retail formats, provided they have tenants selling everyday goods and services and are in locations with attractive catchments.
The launch comes a year after the presentation of Redevco European Retail Parks Fund, a closed-ended vehicle. Redevco raised commitments of around €500 million for that fund from institutional investors represented by CBRE IM, in addition to its own co-investment. According to the latest update, the first fund secured commitments of more than €500 million and has 80% of its capital committed. In October 2025, its strategy started with five assets in Belgium and the UK valued at around €200 million, plus a further €200 million in deals under exclusivity. At that time, Spain was among the markets in its pipeline, alongside Germany, Portugal, France and the Netherlands.
The new fund's open-ended structure is aimed at investors seeking long-term exposure to the segment. Sasha Silver, Head of Global Client Group at Redevco, highlighted that it has the backing of an investor partner from the first vehicle, and linked this continuity to the platform's experience in retail parks.
The investment case rests on the weight of essential shopping and on tenants' property needs. “The retail park sector benefits from stable consumer demand, limited supply growth and strong demand from operators for flexible and affordable space”, explained Israel Casanova, Investment Director at Redevco.
Redevco manages more than 190 retail parks, with a total investment volume of around €5.5 billion across Belgium, France, Germany, Portugal, Spain and the UK. Its wider real estate platform has around €10.5 billion in assets under management.
RERP Evergreen is classified under Article 8 of the Sustainable Finance Disclosure Regulation (SFDR).
