Qualified Investors · Romania Only · EUR Denominated
Invest in Romania's fastest-growing retail real estate market
NestPlus Retail Fund Alpha (NPRFA) invests in supermarket-anchored retail parks in Romanian regional cities — a market overlooked by institutional capital. Target net return of 14–17% p.a. for qualified investors.
- 14–17%
- Target net return p.a.
- EUR 500k
- Minimum investment
- 95%+
- Occupancy — grocery-anchored
- 5+
- Year investment horizon
Capital raise
Raising EUR 35M of equity to acquire EUR 80M of retail assets
- EUR 80M
- Target assets
- EUR 35M
- Equity raise (call for equity)
- In formation
- Fund status
The fund is currently being established (in formation). Fund documents are drafts pending regulatory approval; the AIFM licence is pending AFM approval.
Why NPRFA
A disciplined strategy in an underpenetrated market
Romanian grocery-anchored retail is priced at roughly double the yields of equivalent Western European assets — with the EU's fastest-growing consumer market as the engine.
Underpenetrated format
Romania has just 0.12 sqm of retail park GLA per capita vs 0.35 sqm EU average. The gap is a structural growth opportunity for early investors.
Superior yields
Romanian retail parks are priced at yields roughly double comparable German or Dutch assets — the engine behind our 14–17% p.a. net return target.
Defensive income
Grocery-anchored retail held above 95% occupancy through COVID-19. Anchors — Kaufland, Lidl, Mega Image — provide long-term lease stability.
EU member state
Romania joined the EU in 2007. AIFMD, GDPR and AML frameworks fully apply. EUR-denominated leases eliminate FX risk at fund level.
Value-add upside
Active asset management — lease extensions, tenant-mix optimisation, EPC improvements — creates return above the base rental yield.
Dutch AIF structure
NPRFA is a Dutch Commanditaire Vennootschap (CV), regulated by AFM/DNB under AIFMD. A transparent, investor-friendly legal framework.
Investment strategy
Retail parks where institutions don't look
We target assets priced EUR 3M–EUR 20M in Romanian Tier 1 and Tier 2 cities — a size that allows direct negotiation and limits institutional competition.
- Retail parks and supermarket-anchored centres in cities of 50,000–500,000 inhabitants
- Anchor tenants: Kaufland, Lidl, Mega Image (Ahold Delhaize), Penny Market, Profi, Carrefour
- Target WALT above 5 years at acquisition; occupancy above 92%
- Leverage capped at 60% LTV per property, 50% of GAV in aggregate
- Portfolio of 6–10 properties diversified across Romanian regions
- Target fund life 7–10 years; minimum investment horizon 5 years
Key fund facts
- Full name
- NestPlus Retail Fund Alpha
- Abbreviation
- NPRFA
- Legal structure
- Dutch CV — closed-end AIF
- Domicile
- Netherlands (being established)
- Regulator
- AFM / DNB — AIFMD
- Fund manager
- NestPlus Fund Management B.V.
- Investment universe
- Romania — retail real estate only
- Fund currency
- EUR
- Fund life
- 10 years (extendable 2×1 year)
- Subscriptions
- Open after AIFM authorisation
- Redemptions
- Semi-annual — 90-day notice
- NAV calculation
- Monthly — last business day
The market opportunity
Why Romania, why now
Romania's retail real estate market combines the fundamentals of a fast-growing EU economy with yields that have already disappeared in Western Europe.
3–4%
GDP growth p.a.
Fastest-growing large economy in the EU, driven by wage growth and expanding domestic consumption.
7–10%
Retail sales growth p.a.
Structural consumer growth from a rising middle class and increasing credit penetration across all regions.
0.12
sqm retail park GLA / capita
One third of the EU average of 0.35 sqm — structural demand for new retail park supply across Tier 2 cities.
Share classes
Three classes — one portfolio
NPRFA will offer three unit classes over the same underlying Romanian retail portfolio — growth, income and institutional. Class terms and the full fee schedule are shared with qualified investors on request, together with the fund documentation.
Class A
EUR Growth
Accumulation
Terms & fee schedule — on request.
Class B
EUR Income
Distributions
Terms & fee schedule — on request.
Class I
EUR Institutional
Institutions & family offices
Terms & fee schedule — on request.
How to invest
Five steps to becoming an investor
Subscriptions open after AIFM authorisation, in quarterly windows.
- 1
Expression of interest
Contact NPFM to confirm qualified investor status and receive the Subscription Pack.
- 2
Request the documents
Review the Prospectus, KID for your class, Fund Agreement and Invitation to Subscribe.
- 3
Complete KYC
Submit the Subscription Form with passport, proof of address and source of funds (Wwft).
- 4
Fund transfer
Wire the subscription amount to the NPRFA escrow account before the quarterly deadline.
- 5
Unit allocation
Receive confirmation and unit allocation within 10 business days of cleared funds.
Ready to invest in Romanian retail real estate?
Minimum EUR 500,000 · Quarterly subscriptions · Qualified investors only
Important notice. This page is provided for information purposes only and constitutes neither an offer to sell nor a solicitation of an offer to buy units in NestPlus Retail Fund Alpha (NPRFA). NPRFA is a closed-end Alternative Investment Fund managed by NestPlus Fund Management B.V. (NPFM), subject to licensing by the AFM and DNB under AIFMD. Investment is restricted to qualified investors as defined under Dutch law (minimum subscription EUR 500,000 per investor). Past performance is not indicative of future results. Target returns are objectives only and are not guaranteed. Investment involves significant risks including total loss of capital. Units have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold to U.S. Persons. NPFM AIFM licence pending AFM approval.