Private equity firm KKR has bought two Spanish retail assets from a fund managed by British Land.

The US investor said it had bought the Nassica and Vista Allegre retail parks, near Madrid and in Zamora for an undisclosed amount.

British Land’s closed-ended Pillar Retail Europark Fund paid €30m for Zamora in 2008. Pillar Property, which British Land bought in 2005, paid €117m for Nassica in 2003, according to reports at the time.

Late last year, Internos Global Investors took over management of the Pillar fund from British Land, with staff also transferred to Internos. Pillar, a seven-year fund launched in 2004, invested in out-of-town retail across the euro-zone, buying in France, Portugal and Italy as well as in Spain.

The parks will be owned in a joint venture between KKR and Spanish retail operator Neinver, which will manage the assets.

Guillaume Cassou, head of KKR’s European real estate team, said the firm would look to build its exposure to Spain in the “near future”.