First closing completed for the Duodev 2 fund initiated by the Mestdagh and Patrick Mulliez families, offering to invest in European real estate projects developed by Equilis

The Duodev 2 fund has been a real success for its launch.

Investor enthusiasm is on the rise.
The amount of EUR 90 million for this first closing was exceeded, which goes beyond its initial objectives.

Duodev 2, the genesis.

Building on the success of Duodev 1, the Mestdagh and Patrick Mulliez families opened up the capital to third parties by creating Duodev 2. These families, both concerned about societal impact, offer to share a unique approach focused on diversification, proximity, and relying on the expertise of Equilis.   

Created in 2017, Duodev 1 has been invested in 22 mostly mixed, predominantly residential projects in the 6 European countries in which Equilis is present, for a total amount of EUR 800 million.

Launch of the procedures for the second closing

Building on this successful fundraising, and in pursuit of its growth and diversification strategy, from 15th June 2022 the management of Duodev 2 is relaunching the procedures with investors with a view to a second closing by the end of 2022.


  • Invite new investors to share in the continued growth of the portfolio, thanks to a proven ability to find the right projects at the right time, in the right place, benefiting from Equilis’ know-how.
  • Build a hub of investors sharing the same vision and the same values.
  • Families, entrepreneurs and institutional investors such as Belfius Immo and Sambrinvest.
  • Provide diversification across
    • the 6 target countries (Belgium, Netherlands, France, Spain, Poland, Germany).
    • the types of projects: residential  > 50% – Retail < 25%
  • Fund size : 120-150M euros.
  • Value of the investment : EUR 500-600 million.
  • Duration: 10 years (3-year commitment).
  • Target IRR: 12-15 % (on equity).
  • Minimum commitment: EUR 1 million.
  • Strong ESG policy of the fund: article 8 (SFDR – European legislation) and focus on objective 11 of the UN SGs.