In its first European acquisition outside of the UK, Los Angeles-based Karlin Real Estate has acquired a 23,810 m2 portfolio of retail properties located in Spain and Portugal from Redevco, the family office behind Dutch retailer C&A.

In its first European acquisition outside of the UK, Los Angeles-based Karlin Real Estate has acquired a 23,810 m2 portfolio of retail properties located in Spain and Portugal from Redevco, the family office behind Dutch retailer C&A.

Financial details of the all-cash transaction were not disclosed.

The centerpiece of the portfolio is a four-story 6,393 m2 retail building located on Rua de Santa Catarina 71-73 in Porto Portugal, according to Karlin Asset Management's CEO David Cohen. The building is fully leased to C&A and French retailer FNAC.

'We are fortunate that our first acquisition in Portugal is the premier retail building along the best retail street in Porto,' said Cohen. 'It is an excellent example of the type of asset we are actively looking to acquire throughout Europe,' added Karlin Real Estate 's managing director Matthew Schwab. 'It fits perfectly into our plan to purchase well-located properties leased to strong credit worthy tenants.'

Other assets in Redevco the portfolio include five Spanish retail properties -- two in Spain and three in the Canary Islands -- ranging in size from 780 m2 to 7,934 m2, all fully leased to affiliates of Dinosol Supermarkets, one of the largest supermarket groups in Spain.

The Redevco transaction represents Karlin’s first acquisition outside the UK since entering the European real estate market in August 2013. Karlin, a subsidiary of Los Angeles-based investment firm Karlin Asset Management, plans to invest up to €750 mln in European commercial real estate assets, through both its debt and equity platforms.

To date, Karlin’s European portfolio totals 120,773 m2 of office industrial and retail assets, with an aggregate value of €115 mln.

The firm’s US portfolio comprises more than five million square feet of office, multifamily, retail and industrial assets and 300 acres of developable land.

Sakis Giannikos of Axxon Euroconsulting represented Karlin Real Estate in the transaction. JLL Spain represented Redevco.