Redevco and Ares Management have bought their first assets for an Iberian retail property joint venture.

The companies last year teamed up to invest €500m in Spanish and Portuguese retail real estate, seeding the Redevco Iberian Ventures joint venture with €110m in assets from both partners.

A portfolio of six retail parks in southern and western Spain was bought from developer Bogaris for around €95m.

Israel Casanova, Redevco managing director for Portugal and Spain, said the deal gave the joint venture “immediate scale in the Spanish retail park market”.

The partnership is targeting core-plus and value-add shopping centres, retail parks and high street properties.

Redevco, which specialises in European retail real estate, will manage the properties.

The 84,240sqm regional portfolio is fully let, with tenants including Mercadona, Aldi and Dia and fashion brands C&A, Kiabi and Merkal Calzados.

Rafael Aviles, leading the joint venture for Ares Management, said the retail parks were all dominant in their locations and enjoyed a “long-performing attractive tenant base”.

He added: “This fits the objectives of our partnership, as well as Ares’s longstanding real estate investment strategy.

“There is significant value-add potential to improve the portfolio’s operating performance in the coming years, including property enhancements that will ensure they continue to attract shoppers and retailers.”