Dechert LLP advised Pradera, one of Europe’s leading specialist retail property fund and asset managers, on the structuring and launch of a new investment vehicle in form of a RAIF (reserved alternative investment fund). The Luxembourg based fund “Pradera European Retail Parks SCSp” has signed a contract to acquire a portfolio of 25 prime retail parks for EUR 900 million. The parks, all situated next to IKEA stores in eight countries, comprise around 500 units with approximately 538,000 sqm.

Dechert advised on the structure and implementation of the fund complex and assisted with the setting up of a downstream asset-holding and financing structure.

The Dechert team was co-led by Munich-based financial services partner Angelo Lercara and London-based financial services partner Christopher Gardner. The Luxembourg team was led by partner Johan Terblanche. The cross-border financial services team included Mikhaelle Schiappacasse and Matthew Duxbury (London), Gwendoline Licata, Veronica Aroutiunian and Joanna Mascherin (Luxembourg).