Redevco and Ares Management create JV in Spain worth €500 million
The operation no doubt bears witness to the renewed interest in Spanish commercial real estate… Redevco, Europe-wide commercial real estate specialist, owned by the Brenninkmeijer family, which head C&A and international property asset firm Ares Management, have announced the creation of Redevco Iberian Ventures, a joint venture worth €500 million, targeting commercial real estate in Spain.
The property assets targeted by the joint venture are shopping malls, retail parks and High Street stores in Spanish and Portuguese city centres.
The launch portfolio already includes several property assets worth nearly €110 million.
The joint venture benefits from the two partners' long-standing working relationship in Spain and Portugal, chiefly focused on investment opportunities. Redevco will take charge of property asset management locally.
"This is an important deal for Redevco, which can now expand its third-party investment management activity," pointed out Andrew Vaughan, Redevco's CEO.
As for Bill Benjamin, a partner in the Ares Real Estate Group and property director for Europe, he added: "Bearing in mind the extension of our worldwide property investment platform, and Redevco's in-depth expertise in commercial real estate and in the Spanish and Portuguese markets, we're convinced that Redevco Iberian Ventures will be in a strong position to identify the investment opportunities we have detected in these markets, both in full recovery.
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