Retail: Redevco and Ares establish joint venture
Redevco and U.S.-based Ares Management have established the joint venture Redevco Iberian Ventures. The joint venture aims to invest 500 million euros in Spanish and Portuguese shopping centers, retail parks and high-street properties.
Both Redevco and Ares are contributing Iberian portfolio properties with a total value of approximately 110 million euros from funds they manage to the new Redevco Iberian Ventures. The joint venture will be managed by Israel Casanova Lafuente, Redevco, and Rafael Aviles, Ares. Redevco will also take over the local management of the company's assets.
"This is an important step in our journey to expand our real estate investment management business in collaboration with external partners," said Redevco CEO Andrew Vaughan.
Redevco is a pan-European real estate investment management company specializing in retail. The total portfolio consists of 420 properties in key retail locations in Austria, Belgium, France, Germany, Hungary, Luxembourg, the Netherlands, Portugal, Spain, Switzerland and the United Kingdom.
Ares is a publicly traded alternative asset manager with approximately $88 billion in assets under management (as of June 30, 2015) and more than 15 offices in the U.S., Europe and Asia. (ah)
