KKR and NEINVER establish a joint venture to acquire two retail centers in Spain from a fund managed by British Land (ES)

KKR announced the acquisition of two retail assets in Spain from the Pillar Retail Europark Fund (PREF) which is majority owned and managed by British Land.
The transaction is comprised of two assets: Nassica, a 50,000 m² retail and leisure destination located in the South of Madrid and Vista Alegre, a 16,000 m² retail park located in Zamora in the region of Castilla & Leon in the north of Spain. The assets will be owned in a joint venture between KKR and Spanish retail operator NEINVER.
The Spanish Group, who developed Nassica in 2002, has 45 years of recognized expertise as a European retail operator adding value to the assets through a unique asset management model. Financial details of the transaction were not disclosed.
KKR's real estate investment team seeks to partner with real estate owners, lenders, operators and developers to provide flexible capital to respond to transaction-specific needs, including the outright purchase or financing of existing assets or companies and the funding of future development or acquisition opportunities.
Guillaume Cassou, a Director of KKR London and Head of the KKR European Real Estate team said, “We are excited to complete our first real estate transaction in Spain with the acquisition of a strong retail portfolio. Together with NEINVER, we are well-positioned to create value at these assets and enhance the customers’ experience. We look forward to building KKR’s real estate exposure in Spain in the near future.”
Daniel Losantos, Managing Director of NEINVER comments, “We are very pleased to have closed this agreement with KKR, a leading global investment firm; with a common approach to value creation and with the commitment of our teams, we are confident about the future success of this partnership.”
KKR and NEINVER were advised by Retail Partners Europe, Freshfields Bruckhaus Deringer and Deloitte, while British Land / PREF were advised by Internos, CBRE, Uria Menendez and PWC.

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