Redevco and Ares invest in Spain
Redevco Iberian Ventures, the joint venture between Redevco and asset manager Ares, has made its first investment in the Iberian Peninsula. A portfolio of six retail parks was acquired; the purchase price is stated at 95 million euros.
The seller of the properties located in southern and western Spain is the project developer Bogaris. The retail parks comprise a total area of just over 84,000 sqm and are each almost fully leased to well-known companies such as the grocery chains Mercadona, Aldi and Dia, the fashion chains C&A, Kiabi and Merkal Calzados, as well as Burger King, Media Markt, Sprinter and AKI Bricolage.
The retail parks are:
- Mejostilla, Cáceres: 7,280 sqm in seven retail units.
- Kinepolis, Pulianas, Granada: 25,500 sqm in 32 leisure and retail units.
- Marismas del Polvorin, Huelva: 20,000 sqm in nine retail units.
- La Heredad, Mérida: 13,500 sqm in nine retail units
- Retail Park Motril: 5,560 sqm in four retail units.
- La Serena, Villanueva de la Serena - 12,400 sq. ft. in nine retail units.
"All six retail parks are dominant in their respective locations and feature an attractive and stable tenant structure," says Rafael Aviles, who is responsible for the joint venture on the Ares Management side. "In the coming years, there is considerable potential for adding value to improve the operational performance of the portfolio - including through targeted further developments to maintain the attractiveness of the retail parks for customers and retailers alike."
Redevco Iberian Ventures has been in existence since September 2015, and the current transaction brings the total investment volume to over €200 million. The joint venture of Redevco and Ares Management focuses on value-add and core-plus investments in retail properties on the Iberian Peninsula. JLL and Deloitte acted as advisors on the acquisition of the retail park portfolio. Further acquisitions in Spain and Portugal are planned. (ah)
