Pradera parent firm Cadena has entered a joint venture with private equity firm Hobart Partners to invest £150m (€195m) in UK value-add real estate.

The two companies said the partnership will invest in the retail, leisure and industrial/distribution sectors.

The joint venture will have a focus on the Southeast and Midlands.

The companies said they will look to identify opportunities with asset management, reconfiguration or development potential. Typical lot sizes will range between £15m and £25m.

Cadena managing director Barrie Whight said the joint venture was a “logical step” for the two firms in a “hot property market”.

Hobart Partners, which has offices in London and Chicago, has invested across the core, value-add and opportunistic sectors, as well as in special situations. 

As reported last week, Pradera was recently the subject of a management buyout by founder Colin Campbell.