Former Carrefour Execs Launch €1B Firm

LUXEMBOURG-Two former property directors of the French supermarket group Carrefour have launched a Luxembourg-based SICAV New Europe Property, targeting long-term, risk-adjusted growth by investing in retail real estate in France, Germany and Poland. Their new management company Holfidis Asset Management, targets fund total investment of €1 billion.

Boudjema Naidji and Jean-Marie Andreassier are launching the fund to take advantage of “opportunities in the downgraded economic, financial and real estate environment and focus on the best national and international operators”. New Europe Property has an eight-year term, with option of one-year extension and targets IRR of 15.9%, leveraged, after fees. Borrowing cap is 60% of net assets.