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 mln 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 approx. €110 mln. 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.
Source: Redevco and Ares Management
