Bain Capital Real Estate, a private investment firm, and 11North Partners, a real estate investment firm, agreed to form a joint venture. Financial terms were not disclosed. “Today, open-air retail centers benefit from a confluence of tailwinds and strong real estate fundamentals that create an attractive risk-return opportunity. 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," Brian Harper, 11North Partners Founder and Managing Partner.