In 2016, Redevco Iberian Ventures, the joint venture between pan-European retail real estate specialist Redevco and Ares Management, made its first acquisition through the purchase of a portfolio of six retail parks in southern and western Spain from the developer Bogaris for approximately €95 million.
The parks comprised a total of approximately 84,240 m2 of space, featuring high-quality tenants including grocery chains Mercadona, Aldi and Dia, fashion brands C&A, Kiabi and Merkal Calzados, as well as Burger King, Media Markt, Sprinter and AKI Bricolaje.
After extensive asset management and the addition of three more retail parks making the total space 117,700 m2, the portfolio was sold in 2017 to Vukile Property Fund, the Johannesburg, South Africa listed retail property specialist. They acquired it through its Spanish real estate investment trust (REIT), Castellana Property Socimi. for a transaction price of €193 million.
This sale demonstrated the strength of the JV, which enabled to quickly assemble and reposition a portfolio of critical mass for exit to an institutional buyer.