Redevco Iberian Ventures, the joint venture between European retail real estate specialist Redevco and funds managed by global alternative asset manager Ares Management, has made its first acquisition through the purchase of a portfolio of six retail parks in southern and western Spain from developer Bogaris for €95 mln.
The parks comprise a total of 84,240 m2 of space and are nearly fully let, featuring tenants including grocery chains Mercadona, Aldi and Dia, fashion brands C&A, Kiabi and Merkal Calzados, as well as Burger King, Media Markt, Sprinter and AKI Bricolaje.
The parks are Mejostilla in Cáceres, Kinepolis near Granada, Marismas del Polvorin in Huelva, La Heredad in Mérida, Retail Park Motril and La Serena in Villanueva de la Serena.
Israel Casanova, Redevco's managing director of Portugal & Spain, commented: 'This is a great start to the JV, illustrating the types of opportunities that we have been targeting to create a specific retail park-focused portfolio. It gives us immediate scale in the Spanish retail park market, and we will be on the look out for fresh investment opportunities in Spain, and neighbouring Portugal.'
Rafael Aviles, who is leading the joint venture on behalf of Ares Management, said: 'These six retail parks are all dominant in their locations and enjoy a long-performing attractive tenant base. This fits the objectives of our JV as well as Ares’ longstanding real estate investment strategy. There is significant value-add potential to improve the portfolio’s operating performance in the coming years.'
Ares and Redevco announced the creation of Redevco Iberian Ventures in September 2015, and with this transaction, the JV’s total committed investment value is now more than €200 mln. The joint venture targets value-add and core-plus investments in retail properties in the Iberian Peninsula.
JLL and Deloitte advised on the deal.
