MGPA, the private equity real estate investor which grabbed headlines in January by buying up Polish shopping centres, has wound up its $480m (£310m) Global Fund I.
The fund has sold $5bn of assets on behalf of 15 institutional clients worldwide. Set up in 1999 as the global property market was in mid-bull run, MGPA’s fund made 21 investments in 12 countries including office space in central Tokyo and luxury apartments in Hong Kong.
MGPA chief executive James Quille said: “We continue to operate the same investment approach that has stood the test of time, delivering strong returns to our investors following the dotcom crash and throughout the last decade.”
MGPA is now investing its $5.2bn Global Fund III.
Earlier this year MGPA, which is linked to Australian bank Macquarie, made an unusual bet on malls in Poland. The firm’s Europe Fund III spent $338m on three sites, two in the southwest region of Silesia and one in the north.
All three were developed and managed by Maryland Real Estate, a joint venture between Goldman Sachs and the Casino Group.
At the time, MGPA CEO for Europe Alex Jeffrey said: “The country is clearly an outperformer both within the central and eastern European region and across Europe as a whole, and in our view continues to offer superior growth prospects.”
MGPA is headquartered in Bermuda and has a network of offices throughout Europe and Asia. It runs $11bn in assets, including development and redevelopment projects.