Harbert European Real Estate Fund II has entered into a joint venture with Doric Malaga LLP to develop a 17,000-m² retail warehouse in Malaga, Spain. The site is highly visible from the A-7 motorway, immediately to the south of the expanding international airport. The project, which is scheduled to open in late 2009, is located adjacent to a recently opened IKEA, and is also next to the pre-let 20,000-m² shopping mall extension to the established Plaza Major retail and leisure center, which extension is planned to open on the 29th September.
Scott O'Donnell, Senior Managing Director of Harbert Management Corporation (Europe) LLC, said, "the site is ideally suited for retail warehousing which is in very limited supply in the area. We are very pleased to be undertaking this investment with such an experienced partner and hope that this will lead to further investments in this sector."
John Fraser, President of Doric Malaga LLP, comments, "it is very rare in Spain to find such great sites with all licensing in place, and that is why we are already in discussion with a number of international brands who want to pre-let space."
Harbert European Real Estate Fund II is in the process of investing its second pan European real estate fund and has offices in London, Madrid, and Paris. Harbert Management Corporation, the sponsor of the Fund, is an alternative investment management company with approximately $25 billion of assets under management as of September 1, 2008 across eleven investment strategies and nineteen investment funds.
Source: Harbert Management Corporation (Europe)