Sunday, 14 April 2024


Bain Capital Real Estate and 11North Partners Form Joint Venture to Invest in Open-Air Retail Centers By

Bain Capital Real Estate and 11North Partners Form Joint Venture to Invest in Open-Air Retail Centers By

BOSTON & NEW YORK–(BUSINESS WIRE)–Bain Capital Real Estate (Bain Capital) and 11North Partners (11North), a retail focused investment platform, today announced the formation of a strategic partnership to acquire and operate open-air retail centers throughout the U.S. and Canada. The platform will employ a broad investment mandate, targeting retail opportunities across the risk-return spectrum, and will predominantly focus on open-air retail assets with a high concentration of necessity-based tenants.

11North was founded by CEO Brian Harper, a 25-year real estate industry veteran with significant retail experience. Most recently, Mr. Harper served as President and CEO of RPT Realty (NYSE: NYSE:), where he successfully led a strategic transformation of the company and oversaw its merger with Kimco Realty (NYSE: NYSE:) in January 2024. At 11North, Mr. Harper is joined by several senior executives from RPT Realty, who have a long track record of working as a team to create value.

Today, open-air retail centers benefit from a confluence of tailwinds and strong real estate fundamentals that create an attractive risk-return opportunity, said Mr. Harper. We believe historically low supply growth and increased demand for open-air shopping centers, driven by strong retail sales, persistent work-from-home trends, and the increased prevalence for omnichannel shopping, provide a favorable backdrop for the sector. Throughout my career, I have admired Bain Capital for their deep knowledge across multiple sectors throughout the world and their strong investment track record. We share a strong conviction in the open-air retail space, and we are excited to leverage their deep retail connectivity and differentiated consumer insights. With a demonstrated history of generating strong returns and a lack of challenged legacy assets, our focus will remain on offense in what we believe will be a compelling investment environment.

Through Bain Capital’s 40 years of investing in the consumer and retail sector, in partnership with such brands as Staples, Domino’s Pizza (NYSE:), Burger King, Dunkin’ Donuts, Canada Goose, and Fogo de Chão, our platform has a unique perspective on the changing retail landscape, said Ryan Cotton, Head of Bain Capital Real Estate. Through significant transformation over the last 15 years, including the Great Financial Crisis, an ongoing ecommerce transition, the D2C insurgence, and a global pandemic, the way we shop continues to evolve. We…

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