Cerberus Capital Management, the New York-based global alternatives investment firm, has appointed Arrow Capital Partners to manage a €750 mln portfolio of light industrial assets in Spain.
The portfolio comprises more than 1,000 assets spanning a total area of 5 mln m2, 60% of which is located in the Barcelona and Madrid metropolitan areas.
The portfolio will be managed from Arrow's Madrid office, which was established a year ago and is led by Howard Barnes, former head of development at Talus Real Estate.
'As the Spanish economy continues to recover from the financial crisis, we are seeing some excellent entry opportunities, particularly for us as we are looking to acquire light industrial and logistics assets of over €200m in the next year or so,' said Barnes.
'As growth in Spain’s e-commerce sector continues off a low base, a marked supply/demand imbalance has developed in the light industrial and logistics sectors, increasing rents and capital values.'
Robert Falls, managing director at Cerberus European Servicing Ltd, the affiliate of Cerberus Capital Management that will manage the assets in partnership with Arrow, said: 'We’ve developed a great relationship with Arrow Capital Partners over the years through various European mandates and we look forward to leveraging their expertise and capabilities in the Spanish market.'
