Redevco forms €500m retail real estate JV

Redevco, a pan-European retail real estate specialist, and funds managed by Ares Management have announced a €500 million ($558.3 million) commercial real estate joint venture, Redevco Iberian Ventures. The joint venture will invest in shopping centers, retail parks and high street properties in Spain and Portugal.

Redevco Iberian Ventures will be seeded with a combination of assets in the Iberian peninsula from funds managed by Redevco and Ares that have a combined value of approximately €110 million ($122.8 million).

The effort will be led by Israel Casanova Lafuente and Rafael Aviles on behalf of Redevco and Ares, respectively, and the partnership will jointly use the members’ existing deep relationships in Spain and Portugal to source and execute potential investments. Redevco will be the local manager of the joint venture’s assets.

Activity in the European retail market has increased significantly since 2014. Total investmen