Retail real estate specialist Redevco and Ares Management have announced a joint venture called Redevco Iberian Ventures, which will invest in shopping malls, retail parks and stores across Spain and Portugal.
"Important step for Redevco"
Redevco Iberian Ventuers will start with the assets both Redevco and Ares Management currently own in both countries, worth some 110 million euro. Redevco's Israel Casanova Lafuente will lead the company, alongside Ares' Rafael Aviles. Redevco will manage the joint venture and its assets.
"This is an important step for Redevco to build its third party real estate management branch", according to Redevco CEO, Andrew Vaughan. "We are looking for like-minded investors that share our values and investment plans and Ares is a natural fit in that regard."
"With our leading worldwide real estate investment platform and Redevco's extensive experience in retail real estate investments, particularly in the Spanish and Portuguese market, Redevco Iberian Ventures is well placed to take advantage of the value-add and opportunistic possibilities in this resurgent market", Bill Benjamin added. He is partner at Ares Real Estate Group and head of European Real Estate.