Harbert European Real Estate Fund II has entered into its first joint venture with Promociona Hispania as part of a logistics and industrial development platform in Spain. The business partners expect to invest between EUR 150 mln and EUR 200 mln in the joint venture's projects over the next couple of years.
Harbert European Real Estate Fund II has entered into its first joint venture with Promociona Hispania as part of a logistics and industrial development platform in Spain. The business partners expect to invest between EUR 150 mln and EUR 200 mln in the joint venture's projects over the next couple of years.
The partnership has already secured a site in southern Madrid where it intends to develop up to 120,000 m2 of logistics space. The financial details of the transaction were not disclosed. The focus of the platform will be to develop logistics/warehouse and industrial facilities in Spain with a primary focus on the Madrid region.
Harbert European Real Estate Fund II has committed about one third of its targeted investment with acquisitions in London, Madrid, and Paris in 2007. Harbert Management Corporation is an investment management company with approximately $20 bn (EUR 13.6 bn) of assets under management in 19 investment funds.
