The Iberian joint venture of Redevco and Ares Management, called Redevco Iberian Ventures, has acquired 6 of Bogaris' retail parks for 95 million euro. Put together, the parks have 85,000 sqm of retail space.
The retail parks are located in the South and West of Spain and are almost entirely rented out to companies like Aldi, Dia, C&A, Kiabi, Burger King, Sprinter and AKI Bricolaje. All in all, Redevco Iberian Ventures now has some 70 units under its control in its very first purchase.
“This amazing start for our joint venture is a symbol of the opportunities we seek, which is a very specific library of retail parks. We immediately have a sizeable market share in the Spanish retail park market and we will continue to look for new investment opportunities in Spain and its neighbour Portugal", general manager Israel Casanova said.
Last September, Ares and Redevco announced they would collaborate in a joint venture and up until this point, they have invested more than 200 million euro.