Pradera’s first fund, the Pradera European Retail Fund (“PERF”), acquired the 41,250 sqm leisure and retail park in December 2001.
PERF has undertaken a two-year conversion project, investing €8.2 million in the reconfiguration, modernisation and rebranding of the centre, which has increased the retail element by 30% and dramatically improved the tenant line up. As a result, footfall has increased by 22%, the value has increased by 17% and the centre has enjoyed a yield compression of 0.80bps.
LJ Partnership made a strategic investment in Pradera in May 2016, which broadens and deepens LJ’s existing European platform. Pradera is a market leading specialist fund and asset manager of shopping centres and retail parks in UK, Europe and more recently Asia. Founded in 1999, Pradera’s €2.6 billion portfolio comprises 46 shopping centres and retail parks in the UK, Spain, Italy, Greece, Germany, Poland, the Czech Republic, Turkey and China accommodating more than 2,200 tenants.