Corestate Capital has entered the Spanish real estate sector through a joint venture with two local firms.
The Swiss-based fund manager said it has agreed a joint venture with Inmobiliaria Espacio and OHL Desarrollos to invest in Spain’s residential and commercial real estate sectors.
Madrid-based Inmobiliaria Espacio, a project development and asset management firm, and its sister company OHL Desarrollos will help Corestate build a portfolio through the Iberian Corestate Capital Advisors firm.
“We have closely studied the Spanish real estate market and decided that now is the right time for us to enter that market”, Ralph Winter, founder of Corestate, said.
“We are keen to seize the chances that present themselves in Spain, and will focus both on off-market transactions with positive cash-flow and on opportunistic investments with significant upside potential.”
Winter said the agreement gives Corestate representation in nine Spanish offices. ”Both companies have very strong teams on the ground in various Spanish cities, which makes them valuable partners for us,” he said.
Jose Antonio Fernandez Gallar, director general of Inmobiliaria Espacio, said the partnership gives the firm an “extensive investor base” and the opportunity to serve “even more institutional investors, family offices and high net worth individuals”.