Investment firms Inbest and GPF Capital have joined forces to create a new REIT focusing on a range of asset classes across Spain.
The joint venture, Inbest-GPF Real Estate Management Partners, has recently launched its first vehicle, Inbest-GPF Multi Asset Class Prime REIT, that has purchased two major retail-led properties in Spain.
The firms have co-invested in the past, with a focus on city-centre retail, including the co-purchase of the entire commercial area of the Edificio España in Plaza de España, Madrid.
The new acquisitions for the firm's REIT comprise two commercial buildings purchased from El Corte Inglés for over €50 mln.
The assets are located in prime spots in Seville (5,500 m2 in Plaza del Duque de la Victoria) and Cordoba (6,660 m2 in Calle Jesús y María 5, 7 and 9).
The REIT already has committed capital from domestic and international private and institutional investors, which will enable it to purchase assets worth over €600 mln.
It will focus on 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.
In addition, Inbest-GPF said it was 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.
Inbest and GPF will share seats on the board of directors and the investment committee of the new REIT, while the executive functions are delegated to the current Inbest team, led by Javier Basagoiti.
Both Inbest and GPF have more than €2 bn of assets under management, more than 30 professionals and 19 investment vehicles including BME growth listed REITs and unlisted vehicles.
In relation to the acquisition of the assets in Seville and Cordoba, El Corte Inglés has been advised by Knight Frank while Inbest-GPF has been advised by Cuatrecasas, Deloitte and ARetail.
