Tristan Capital Partners and Kefren Capital Real Estate have established a partnership to invest in €200m worth of logistics properties in Spain.

Tristan, which is investing on behalf of its core-plus CCP 5 Long Life fund, said the joint venture with Kefren has acquired its first three assets in the first quarter of the year. The seed portfolio with 43,000sqm of lettable area is 93% let.

The platform targets existing assets, sale-and-leaseback transactions and forward purchases. 

Nikolay Velev, executive director at Tristan Capital Partners, said: “Tristan has a strong track record across multiple European markets of assembling logistics platforms that are in heavy demand and short supply.”

Pelayo Primo de Rivera Oriol, executive partner at Kefren Capital Real Estate, said: “The e-commerce market is expanding rapidly in Spain, fuelling demand for all types of warehouse space.

“We see significant potential to build a portfolio of smaller and medium assets in established industrial locations that meet the highest institutional standards.”

In addition to acting as co-investor, Madrid-based Kefren will act as a local operating partner and asset manager.

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