Redevco and Ares Management have bought their first assets for an Iberian retail property joint venture.
The companies to invest 鈧�500m in Spanish and Portuguese retail real estate, seeding the Redevco Iberian Ventures joint venture with 鈧�110m in assets from both partners.
A portfolio of six retail parks in southern and western Spain was bought from developer Bogaris for around 鈧�95m.
Israel Casanova, Redevco managing director for Portugal and Spain, said the deal gave the joint venture 鈥渋mmediate scale in the Spanish retail park market鈥�.
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 鈥渓ong-performing attractive tenant base鈥�.
He added: 鈥淭his fits the objectives of our partnership, as well as Ares鈥檚 longstanding real estate investment strategy.
鈥淭here is significant value-add potential to improve the portfolio鈥檚 operating performance in the coming years, including property enhancements that will ensure they continue to attract shoppers and retailers.鈥�
