Foreign investors buy mall in Madrid

Redevco Iberian Ventures, a joint venture between real estate funds managed by U.S.-based Ares Management LP and Amsterdam-based retail real estate investment manager Redevco, has acquired a majority stake in the Parque Corredor shopping center, one of the largest retail centers in metro Madrid. The sales price was €140 million ($173 million).

The sellers were Sareb, a fund advised by London-based Aermont Capital, and its undisclosed partners.

The 1.32 million-square-foot Parque Corredor is the main shopping destination in Corredor del Henares, metro Madrid’s east corridor, and attracts more than 10.5 million visitors annually.

Redevco Iberian Ventures was created in September 2015 to target €500 million ($619 million) of value-add and opportunistic investments in Iberian retail properties.