LONDON--(BUSINESS WIRE)--
Redevco Iberian Ventures, the joint venture between real estate funds
managed by global alternative asset manager Ares Management, L.P.
(NYSE:ARES) and pan-European retail real estate investment
management company Redevco, has acquired more than 70% of the gross
leasable area in the Parque Corredor Shopping Center, one of the largest
retail centers in Madrid. The majority stake was acquired through
transactions with Sareb, a fund advised by Aermont Capital, and various
other co-owners of the property for approximately €140 million. With
more than 123,000 square metres of retail and leisure area, Parque
Corredor is the main shopping destination in Madrid’s east corridor,
known as Corredor del Henares, attracting more than 10.5 million
visitors annually. This acquisition follows Redevco Iberian Venture’s
successful 2017 activity, which included the sale of a portfolio of nine
retail parks across Spain for €193 million in June as well as the
acquisition of the Mercado San Miguel in Madrid for €70 million in July.
Bill Benjamin, Partner of Ares Management and Head of the Ares Real
Estate Group, said:
“This investment adds another exciting asset to our joint venture with
Redevco. The acquisition of more than 70% of Parque Corredor is
representative of our strategy across Europe to acquire quality assets
that are in need of investment and repositioning to unlock their value.
Parque Corredor attracts more than 10 million visitors a year, making it
one of the top 25 retail locations in Spain by footfall, and we believe
that through active management and investment, we can further improve
consumer traffic and tenant mix before returning this asset to
institutional ownership.”
Andrew Vaughan, Redevco’s CEO, said: “With this
transaction, the joint venture was able to consolidate a significant
majority position in Parque Corredor, which will allow us to fully
refurbish the asset. We expect to invest more than €40 million to fully
renew the shopping environment, adapting and extending existing shops to
meet and exceed tenants’ and shoppers’ requirements, which is a core
component of the JV’s value-add strategy. The refurbishment plans were
already approved by the community of co-owners in July 2017 and have the
full support of the center’s longstanding fashion tenants, which are
highly committed to the future of Parque Corredor.”
Parque Corredor currently offers a variety of food, fashion, services
and leisure tenants that include a 24,000-square-metre Alcampo
Hypermarket (Auchan Group), one of the largest hypermarkets in Spain,
top fashion brands like Primark, Inditex Group, H&M, Mango, Kiabi and
C&A, as well as a Cinesa movie theatre. The property fits the investment
strategy of Redevco Iberian Ventures that was created by Ares and
Redevco in September 2015 to target €500 million of value-add and
opportunistic investments in retail properties on the Iberian Peninsula.
Advising on the transaction were Cushman & Wakefield, Deloitte and
Simmons & Simmons.
ABOUT ARES MANAGEMENT, L.P.:
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $106 billion of assets under management
as of September 30, 2017 and more than 15 offices in the United States,
Europe, Asia and Australia. Since its inception in 1997, Ares has
adhered to a disciplined investment philosophy that focuses on
delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit www.aresmgmt.com.
ABOUT REDEVCO:
Redevco is an independent, pan-European real estate investment
management company specialised in retail property. It has more than 400
assets under management which are spread across the strongest retail
concentrations throughout Europe. Our highly-experienced professionals
purchase, develop, let and manage properties, ensuring that the
portfolios optimally reflect the needs of our clients. We believe in
long term investments where quality and sustainability are key. For
further information about Redevco please visit www.redevco.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180201005972/en/
For Ares Management:
Media:
Bill Mendel, +1 212-397-1030
Mendel
Communications
[email protected]
or
Investors:
Carl
Drake, 800-340-6597
[email protected]
or
For
Redevco:
Priscilla Tomasoa, +31 20 599 6262
Head of PR &
Corporate Communications
[email protected]
Source: Ares Management, L.P.
