A partnership formed by Bain Capital Real Estate and 11North Partners to acquire and manage open-air retail centres in the US and Canada has added three US assets worth $212m (鈧�181m) to its portfolio.
The partnership, formed in April 2024, has acquired the assets in Oklahoma City comprising Nichols Hills Plaza, The Triangle at Classen Curve and Classen Curve.
Together, the assets comprise nearly 40 acres of open-air lifestyle centres with occupancy rates exceeding 97%.
Brian Harper, managing partner and founder of 11North Partners, said: 鈥淎s one of the most dominant, highest-quality assets in the region, the acquisition of these three trophy assets is representative of our platform鈥檚 differentiated sourcing capabilities and deep industry relationships.
鈥淭ogether with the partnership and support of our partners at Bain Capital, along with our global investors, we are well-positioned to capitalise on the many opportunities ahead of us as we seek to create a high-quality portfolio of scale.鈥�
Martha Kelley, a managing director at Bain Capital Real Estate, said: 鈥淭his portfolio鈥檚 combination of national retailers and superior demographics strongly aligns with our strategy of investing in well-located, open-air properties that serve as essential retail centres in the communities where people live and work.
鈥淭hrough Bain Capital鈥檚 more than 40 years of investing in the consumer and retail sector and our collaborative partnership with Brian and the 11North team, we have created a differentiated platform that is well-capitalised to seize the compelling open-air retail opportunity and create value for our trusted investors.鈥�
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