Tristan Capital Partners has formed a joint venture with Spanish real estate specialist Kefren Capital Real Estate to build a logistics platform in Spain.
Through Tristan’s CCP 5 core-plus long-life fund, Tristan and Kefren are targeting around €200 mln of acquisitions in established logistics locations across the country, including Madrid, Barcelona, Valencia and Bilbao among others.
The JV acquired its first three assets in Q1 2020. The properties, with a lettable area of 43,000 m2, are 93% let to a number of tenants serving corporate contracts for the storage and distribution of goods. The assets are located in Azuqueca de Henares, an established logistics submarket within Madrid’s 3rd ring in the A-2 corridor.
Tristan and Kefren are actively seeking add-on opportunities to grow the platform targeting existing assets, sale/leaseback transactions and forward purchases for assets that possess institutional quality from an occupational perspective. The joint venture is targeting individual transaction of minimum €5 mln lot size.
Nikolay Velev, executive director at Tristan Capital Partners, said: ‘Tristan has a strong track record across multiple European markets, of assembling logistics platforms that are in heavy demand and short supply. We look forward to working with Kefren in this strategy and drawing on their strong local network and expertise.’
In addition to acting as co-investor, Madrid-based Kefren Capital Real Estate will act as local operating partner and asset manager. ‘The e-commerce market is expanding rapidly in Spain, fuelling demand for all types of warehouse space. We see significant potential to build a portfolio of smaller assets in established industrial locations that meet the highest institutional standards,’ added Pelayo Primo de Rivera Oriol, executive partner at Kefren Capital Real Estate.
