Redevco and Ares Management are teaming up to invest €500m in Spanish and Portuguese retail real estate.
The joint venture will be seeded with €110m assets from both partners.
Redevco Iberian Ventures will invest in shopping centres, retail parks and high street properties.
It will be led by Isreal Casanova Lafuente, managing director for Spain and Portugal at Redevco, and Rafael Aviles, director for Spain at Ares.
Redevco, which specialises in European retail real estate, will manage the properties.
The company’s CEO Andrew Vaughan said: “This is an important step for Redevco building its third-party real estate investment management business.”
He added: “We’ve been looking to join up with like-minded investors who share our values and investment horizons.”
Bill Benjamin, partner of the Ares Real Estate Group and head of European real estate, said the joint venture will be “well-positioned to tap into the significant value-add and opportunistic investment opportunities we have been seeing in this resurgent market”.
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