Tristan Capital Partners has formed a joint venture with Spanish real estate specialist Kefren Capital Real Estate to build a logistics platform in Spain. Through Tristan’s CCP 5 Long-Life core-plus Fund, Tristan and Kefren are targeting a platform of €200 million ($226 million) in established logistics locations across the country, including Madrid, Barcelona, Valencia and Bilbao.
The joint venture acquired its first three assets in first quarter 2020, with a leasable area of 43,000 square meters (463,000 square feet) of which 93 percent is leased to a number of tenants serving corporate contracts for the storage and distribution of goods. The assets are located in Azuqueca de Henares, an established logistics submarket within Madrid’s third ring in the A-2 corridor. In addition to acting as co-investor, Madrid-based Kefren will act as local operating partner and asset manager.
Tristan and Kefren are actively seeking opportunities to grow the platform, targeting
