Redevco Launches European Retail Parks Evergreen Fund With Nearly €500 Million First Close Backed by CBRE Investment Management Indirect

Redevco has launched the Redevco European Retail Parks Evergreen fund — known as RERP Evergreen — with a first close of nearly €500 million in cornerstone commitments, the company announced Oct. 1, 2026. The capital was secured from a diversified group of global institutional investors managed by CBRE Investment Management Indirect, with Redevco also making a significant co-investment in the vehicle.

The open-ended fund targets convenience-led retail parks and essential retail assets across Europe and the United Kingdom, with a core/core-plus risk profile, a focus on income distribution and conservative leverage. It is Redevco's second fund dedicated to the European retail parks sector.

Fund Strategy and Structure

RERP Evergreen is designed to invest in a diversified portfolio of convenience-led retail assets anchored or shadow-anchored by essential retailers — tenants providing day-to-day goods and services — situated within strong catchment areas. The fund may also selectively invest in broader essential retail assets and hybrid retail formats. Its open-ended structure is intended to provide investors with continuing access to the sector rather than a defined finite fund life, offering what Redevco describes as an attractive entry point for institutions seeking to increase allocations to convenience retail.

The fund is classified as Article 8 under the EU Sustainable Finance Disclosure Regulation, incorporating Redevco's approach to responsible investing and sustainable retail destinations.

Sasha Silver, Head of Global Client Group at Redevco, said the second fund's launch with a returning investment partner from the first vehicle reflects the firm's long-term approach to capital partnerships. "Retail parks continue to offer a compelling combination of income resilience, defensive characteristics, and attractive risk-adjusted returns," Silver said. "The launch of RERP Evergreen reflects both confidence in the opportunities we see in the sector and in our ability to translate conviction into active deployment and value creation both today and over the longer term."

Building on the First Retail Parks Fund

RERP Evergreen follows Redevco's inaugural closed-end European retail parks fund, which launched in 2025 and secured more than €500 million in commitments. That vehicle has now committed approximately 80% of its capital, providing the basis for the firm to launch the new evergreen structure.

To date, RERP Evergreen has secured three initial assets in Belgium, Spain and the UK. One asset connected to the broader Redevco European Retail Parks strategy is WAY Retail Park in Dos Hermanas, Seville, Spain — a property of approximately 50,000 square metres, or roughly 538,000 square feet, that opened in 2020. Redevco announced that acquisition on Sept. 29, 2026, shortly before the evergreen fund's launch.

Israel Casanova, Investment Director at Redevco, said the retail parks sector benefits from stable customer demand, limited supply growth and strong retailer demand for affordable, flexible space. "RERP Evergreen will offer investors efficient access to a diversified portfolio of high-conviction retail real estate assets, supported by Redevco's specialist expertise and active asset management capabilities," Casanova said.

Market Context: Convenience Retail Draws Renewed Institutional Interest

The fund's launch comes as institutional investors are returning selectively to retail real estate, with a preference for necessity-based formats over discretionary shopping centres. European retail parks currently carry a vacancy rate of approximately 3.7%, with annual rental growth running at roughly 2.9%. Prime retail-park rental growth reached approximately 3.5% to 4.0% year over year in 2025, supported by strong occupier demand and limited new supply.

Development pipelines in mature markets such as France, Belgium and Germany represent less than 3% of existing retail-park stock, and European retail-park completions are forecast at approximately one million square metres annually in 2025 and 2026 — a modest volume relative to existing inventory. That supply constraint, combined with necessity-based consumer spending and affordable occupancy costs relative to enclosed shopping centres, underpins the investment case for the sector.

Retail parks also typically carry lower common-area and operating costs than enclosed malls, while tenants such as supermarkets, discount retailers, DIY operators and service-oriented occupiers tend to generate more defensive demand. CBRE Investment Management characterizes the sector as benefiting from high demand, low vacancy and low base rents, creating scope for rental growth and active-management returns through re-letting, repositioning, sustainability upgrades and tenant remixing.

Redevco's Retail Parks Platform

Redevco manages approximately €10.5 billion in assets under management and has more than two decades of experience investing in and managing retail parks and convenience-led retail assets. The firm currently manages more than 190 retail park assets with a total investment volume of approximately €5.5 billion across Belgium, France, Germany, Spain, Portugal and the UK. In December 2024, Redevco completed the acquisition of a 16-retail-park UK portfolio for £518 million.

The evergreen structure of RERP Evergreen differs from the firm's 2025 closed-end vehicle in that it is designed for continuing subscriptions, acquisitions and long-term ownership, giving Redevco a permanent platform for acquisitions and asset recycling in the convenience retail segment.

Sources

Redevco — RERP Evergreen Fund Launch Announcement, Oct. 1, 2026