US private equity firm KKR has completed its first real estate investment in Spain by teaming up with European retail specialist Neinver to acquire two retail assets.

US private equity firm KKR has completed its first real estate investment in Spain by teaming up with European retail specialist Neinver to acquire two retail assets.

The vendor is Pillar Retail Europark Fund (PREF) which is majority-owned and managed by British Land. The financial details of the transaction were not disclosed.

The transaction was tipped by PropertyEU in January this year. It relates to Nassica, a 50,000 m2 retail and leisure property in the south of Madrid and Vista Alegre, a 16,000 m2 retail park located in Zamora in the Castilla & Leon region in northern Spain. The assets will be owned on a joint venture basis between KKR and Neinver, which will manage the assets.

Neinver developed the Nassica property in 2002.

Since launching a dedicated real estate platform in 2011, KKR has committed over $1.6 bn (€1.2 bn) of equity to 26 real estate transactions in the US, Europe and Asia with a team of 20 dedicated investment professionals.

Guillaume Cassou, head of the KKR European real estate team said: 'Together with Neinver, we are well-positioned to create value at these assets and enhance the customers’ experience. We look forward to building KKR’s real estate exposure in Spain in the near future.”

KKR and Neinver were advised by Retail Partners Europe, Freshfields Bruckhaus Deringer and Deloitte, while British Land / PREF were advised by Internos, CBRE, Uria Menendez and PWC.