International privately-held investor Ibus has announced the launch of a new real estate fund targeting retail properties in Germany and The Netherlands, with a minor focus on France and the UK.

The Ibus Winkelfonds, with a target size of EUR 200 mln, has made the first acquisition with the purchase of four German retail assets for EUR 26 mln. The vehicle has bought an in-town shopping centre in Eschweiler near Aachen, two retail units in the pedestrian area of Braunschweig and a modern, small scale shopping center in the city center of Hamburg-Geesthacht.

The properties, which have been purchased from individual sellers, are leased to large, nation-wide retailers such as C&A, DM, Deichmann, as well as the Penny and Rewe supermarkets.

Ibus said the new fund will seek to build up a diversified portfolio of high-quality retail assets in good locations and leased with long-term contracts. The fund will also seek to address the challenges posed to the retail sector - the demographic changes and the growth of online shopping - by focusing on stores for 'daily necessities', it added.

Ibus Winkelfonds will have a low risk profile and will target a dividend return of at least 5% per annum and a total return of 7.0% per annum.