Monday, 9 February 2015
CORESTATE Capital, Inmobiliaria Espacio and OHL Desarrollos to form joint venture (ES)
CORESTATE, a specialised real estate investor based in Zug, Switzerland, Inmobiliaria Espacio, a project development and asset management firm based in Madrid, and its sister company OHL Desarrollos, a leading development firm that is part of the OHL Group also based in Madrid, are joining forces to create a strong Spanish real estate platform. The joint venture was signed into effect in February 2015.
The purpose of the joint venture "IBERIAN CORESTATE Capital Advisors S.L." is to combine the companies’ respective areas of expertise, market know-how and networks. Its objective is to build a portfolio in Spain providing investment opportunities for the partners and international investors.
"We have closely studied the Spanish real estate market and decided that now is the right time for us to enter that market", observed Ralph Winter, founder of CORESTATE Capital. "We are keen to seize the chances that present themselves in Spain, and will focus both on off-market transactions with positive cash-flow and on opportunistic investments with significant upside potential."
Inmobiliaria Espacio belongs to Grupo Villar Mir, one of Spain's most important business groups, with over 31,000 employees and more than USD 10bn in revenues in 2013, directed by its founder and former Spanish Finance Minister Juan-Miguel Villar Mir. OHL Desarrollos is part of the listed company OHL Group, which majority is owned by Grupo Villar Mir. OHL is one of the biggest construction and concessions corporations worldwide, with over 24,000 employees and a portfolio of approx. €60 bln (2013).
"CORESTATE is one of Europe’s leading private equity investors in real estate, and has extensive experience in real estate transactions across asset classes while covering the entire capital structure," says Jose Antonio Fernandez Gallar, Director General of Inmobiliaria Espacio. "Gaining access to CORESTATE’s extensive investor base will give us an opportunity to serve even more institutional investors, family offices and high net worth individuals."
The investment profile of the joint venture will concentrate on office, residential, retail and shopping center developments along with other projects such as hotels, student housing and logistics in Spain.
Source: Businnes Network