Redevco Iberian Ventures acquires six Spanish retail parks
Redevco Iberian Ventures is a joint venture between pan-European retail real estate specialist Redevco and funds managed by global alternative asset manager Ares Management.
The company has now made its first acquisition. It has bought six retail parks in southern and western Spain from the developer Bogaris for approximately €95m. All six of the parks, which comprise a total of approximately 84,240 sqm. of space, are nearly fully let, and tenants include fashion brands C&A, Kiabi and Merkal Calzados.
The parks are Mejostilla, Cáceres; Kinepolis, Pulianas, Granada; Marismas del Polvorin, Huelva; La Heredad, Mérida; Retail Park Motril and La Serena, Villanueva de la Serena.
Israel Casanova, Redevco’s Managing Director of Portugal & Spain, said: “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, including property enhancements that will ensure they continue to attract shoppers and retailers.”
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