Ares Administration and Redevco’s Iberian three way partnership has acquired a majority stake in Parque Corredor purchasing centre within the capital of Spain for €140m.
Redevco Iberian Ventures stated it has purchased greater than 70% of the gross leasable space within the Parque Corredor purchasing centre in Madrid.
The bulk stake was acquired via transactions with Sareb, a fund suggested by Aermont Capital, and varied different co-owners of the property.
With greater than 123,000sqm of retail and leisure space, Parque Corredor is the principle purchasing vacation spot in Madrid’s east hall, referred to as Corredor del Henares.
This acquisition follows Redevco Iberian Enterprise’s 2017 exercise, which included the sale of a portfolio of 9 retail parks throughout Spain for €193m in June in addition to the acquisition of the Mercado San Miguel in Madrid for €70 m in July.
Invoice Benjamin, a associate of Ares Administration and head of the Ares Actual Property Group, stated: “This funding provides one other thrilling asset to our three way partnership with Redevco.
“The acquisition of greater than 70% of Parque Corredor is consultant of our technique throughout Europe to amass high quality property which are in want of funding and repositioning to unlock their worth.”
Andrew Vaughan, Redevco’s CEO, stated: “With this transaction, the three way partnership was capable of consolidate a major majority place in Parque Corredor, which is able to permit us to totally refurbish the asset.
“We anticipate to speculate greater than €40m to totally renew the purchasing setting, adapting and increasing current outlets to satisfy and exceed tenants’ and consumers’ necessities, which is a core part of the JV’s value-add technique. “
Redevco Iberian Ventures was created by Ares and Redevco in September 2015 to focus on €500m of value-add and opportunistic investments in retail properties on the Iberian Peninsula.