LONDON--(BUSINESS WIRE)--
Redevco Iberian Ventures, the joint venture between pan-European retail
real estate investment management company Redevco and funds managed by
global alternative asset manager Ares Management, L.P. (NYSE:ARES), has
acquired Mercado San Miguel, the renowned covered gastronomic market in
Madrid, for €70 million. The seller is a consortium of private Spanish
investors.
The food market at San Miguel Plaza in the heart of the historic centre
of Madrid is one of the city’s major attractions and is a designated
heritage-protected building in Spain. Constructed in wrought iron and
glass, the 1,764-square-meter building is divided into 30 high-end
grocery and delicatessen stalls as well as 13 quick-service restaurant
stalls. As a magnet for foodies and a fixture on Madrid’s tourist trail,
the property has no vacancies and a long waiting list of prospective
tenants.
Andrew Vaughan, Redevco’s CEO, said: “The purchase of
Mercado San Miguel reflects our vision of where retail is heading—taking
the consumer a step beyond a simple transaction to provide an experience
that they enjoy and want to share. This architectural gem of a building
in close proximity to Madrid’s top attractions is an anchor point in the
city, where visitors go to shop for groceries and enjoy a unique food
and beverage offering. We expect to enhance the operations’ performance
through active asset management and customer experience improvements.”
Bill Benjamin, Partner of Ares Management and Head of the Ares Real
Estate Group, said: “Mercado San Miguel boasts an attractive
location in a major tourist area in central Madrid as well as a strong,
defensive brand in a changing retail landscape. This fits the JV’s
investment strategy, which focuses on acquiring defensive retail assets
on the Iberian Peninsula that offer opportunities for value enhancement
through repositioning and execution of operational improvements. This is
in line with Ares’ longstanding real estate strategy across Europe.”
Ares and Redevco announced the creation of Redevco Iberian Ventures in
September 2015, targeting €500 million of value-add and opportunistic
investments in retail properties on the Iberian Peninsula. Today’s
announcement follows the recent sale of a portfolio of nine retail parks
across Spain to Vukile Property last month as well as the sale of the
Portimao Retail Park in Portugal to Olimpo Real Estate SOCIMI, S.A. in
May 2017.
Advising Redevco Iberian Ventures on the acquisition of Mercado San
Miguel was DLA Piper and KPMG. The seller was advised by Aguirre Newman
and Freshfields.
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.
ABOUT ARES MANAGEMENT, L.P.:
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $100 billion of assets under management
as of March 31, 2017 and more than 15 offices in the United States,
Europe and Asia. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170731005056/en/
For Redevco:
Priscilla Tomasoa, +31-20-599-6262
Head of
PR & Corporate Communications
[email protected]
or
For
Ares Management:
Media:
Mendel Communications
Bill
Mendel, +1-212-397-1030
[email protected]
or
Investors:
Carl
Drake, 800-340-6597
[email protected]
Source: Ares Management, L.P.
