Bain Capital Real Estate and 11North Partners, a retail-focused investment company, have formed a partnership to acquire and operate open air retail centers throughout the U.S. and Canada.

The platform will target retail opportunities across the risk-return spectrum, and will focus on open air retail assets with a high concentration of necessity-based tenants.

“In convenience-oriented, necessity-based retail, we see a format that is well aligned with these themes, will continue to enjoy strong operating performance, and delivers strong results to tenants,” states Ryan Cotton, head of Bain Capital Real Estate. “But, the market has yet to fully appreciate the bifurcation of the retail sector, which we believe leads to the opportunity for highly attractive risk-adjusted buying.”