September 12, 2015
Redevco, the pan-European retail real estate specialist, and funds managed by Ares Management (NYSE:ARES), the global alternative asset manager, announced today a €500 million commercial real estate joint venture, Redevco Iberian Ventures. The joint venture will invest in shopping centres, retail parks and high street properties in Spain and Portugal.
Redevco Iberian Ventures will be seeded with a combination of assets in the Iberian peninsula from funds managed by Redevco and Ares that have a combined value of approximately €110 million. The effort will be led by Israel Casanova Lafuente and Rafael Aviles on behalf of Redevco and Ares, respectively, and the partnership will jointly use the members’ existing deep relationships in Spain and Portugal to source and execute potential investments. Redevco will be the local manager of the joint venture’s assets.
Redevco CEO 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.”
Bill Benjamin, Partner of the Ares Real Estate Group and Head of European Real Estate, 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.”