Inbest and GPF Capital are planning to invest over €600m in properties via a newly created Spanish real estate investment trust (REIT).

The two investment firms have formed Inbest-GPF Real Estate Management Partners, a partnership which has launched the Inbest-GPF Multi Asset Class Prime REIT vehicle.

The companies said the REIT has already received capital commitments from domestic and international private and institutional investors, which will enable it to purchase assets worth more than €600m.

The REIT targets multi-segment real estate assets with a value-added management strategy and on locations or types of “assets that are prime due to their characteristics and are considered a safe haven for investors due to their resilience in economic cycles”.

The companies said the REIT has invested €50m to buy two retail properties in Spain from El Corte Inglés. The assets acquired are a 5,500sqm building in Plaza del Duque de la Victoria and a 6,660m2 asset in Calle Jesús y María 5, 7 and 9 in Cordoba.

In addition, Inbest-GPF is at an advanced stage of due diligence on potential investments in sub-sectors such as student housing, sports campuses, health and education centres, offices, residential and hotels, among others, the firms said.

The latest partnership, which expands Inbest and GPF’s relationship, follows an initial co-investment the pair did together in several assets, including the entire commercial area of the Edificio España in Plaza de España.

To read the latest edition of the latest IPE Real Assets magazine click here.