Pan-European retail firm Redevco and funds managed by Ares Management are to form a €500m (£363m) commercial joint venture targeting the Iberian peninsula.
Known as Redevco Iberian Ventures, the jv will be led by Israel Casanova Lafuente and Rafael Aviles and will invest in shopping centres, retail parks and high street properties in Spain and Portugal.
It will be seeded with a combination of assets owned by the two firms worth €110m in total. Redevco will be the local asset manager.
Redevco chief executive Andrew Vaughan said: “This is an important step for Redevco building its third-party real estate investment management business. We have highly experienced teams on the ground throughout Europe to maximise the value of our unique retail property platform for investors and retailers alike. We’ve been looking to join up with like-minded investors who share our values and investment horizons. Ares is a natural partner in this respect.”
Ares partner Bill Benjamin said: “We believe that with the scale of Ares’ market-leading global real estate investment platform and Redevco’s deep experience in retail real estate investing, especially in the Spanish and Portuguese market, Redevco Iberian Ventures will be well-positioned to tap into the significant value-add and opportunistic investment opportunities we have been seeing in this resurgent market.”
