Inbest and GPF Capital are joining forces in the real estate sector to create a new REIT that is already established, capitalised, and has successfully completed its first two acquisitions. Inbest and GPF will share seats on the Board of Directors and the Investment Committee, while the executive functions are delegated to the current Inbest team, led by Javier Basagoiti. The investment strategy of the new REIT focuses on multi-segment real estate assets with a value-added management strategy and on locations or types of assets that are prime due to their characteristics and are considered a safe haven for investors due to their resilience in economic cycles.
Along these lines, the new REIT has just completed the acquisition of two commercial buildings from El Corte Ingles for an amount of over €50m. These buildings are located in prime locations in Seville (5,500m² in Plaza del Duque de la Victoria) and Cordoba (6,660m² in Calle Jesus y Maria 5, 7 and 9). These are two unique assets given the scarcity of relevant retail space in the areas where they are located and which also have unique characteristics to accommodate the new trends in High Street Retail where the main international operators require their new physical shops to be large to accommodate their flagships and to be located in the best areas of major cities, with high customer density and with the capacity to manage last mile logistics.
In addition, Inbest-GPF is at an advanced stage of due diligence on potential investments in sub-sectors such as student housing, sports campuses, health and education centres, offices, residential and hotels, among others.