{"id":1004205998,"date":"2018-02-06T04:56:33","date_gmt":"2018-02-06T12:56:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004205998"},"modified":"2022-12-05T10:57:42","modified_gmt":"2022-12-05T18:57:42","slug":"u-s-e-u-joint-venture-buys-mall-in-madrid","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/u-s-e-u-joint-venture-buys-mall-in-madrid\/","title":{"rendered":"US-EU Joint Venture Buys Mall in Madrid"},"content":{"rendered":"

By Scott Baltic<\/em><\/p>\n

\"Parque<\/a>

Parque Corredor<\/p><\/div>\n

Redevco Iberian Ventures, a joint venture between real estate funds managed by Ares Management LP and 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 acquisition, which was announced last Friday, was valued at about \u20ac140 million ($173 million).<\/p>\n

The sellers were Sareb, a fund advised by Aermont Capital, of London, and what were described as \u201cvarious other co-owners of the property<\/em>.\u201d<\/p>\n

At more than 123,000 square meters (1.32 million square feet) of retail and leisure area, Parque Corredor is the main shopping destination in Corredor del Henares, metro Madrid\u2019s east corridor, and attracts more than 10.5 million visitors annually. Completed in 1996, it\u2019s in the municipality of Torrej\u00f3n de Ardoz. The center\u2019s tenants include a 24,000-square-meter (258,300-square-foot) Alcampo Hypermarket (one of Spain\u2019s largest hypermarkets); fashion brands like Primark, Inditex Group, H&M, Mango, Kiabi and C&A; and a nine-screen Cinesa movie theatre.<\/p>\n

Other investors, too, are liking Spanish retail assets. Last March, Hines, in partnership with Universal-Investment, of Germany, acquired two high-street retail centers<\/a>, one in Madrid and the other in Barcelona, on behalf of a German pension entity. That price tag was about $205 million.<\/p>\n

Shopping for shopping centers<\/h2>\n

Redevco Iberian Ventures was created in September 2015 to target \u20ac500 million ($619 million) of value-add and opportunistic investments in Iberian retail properties.<\/p>\n

The Parque Corredor acquisition \u201cis representative of our strategy across Europe to acquire quality assets that are in need of investment and repositioning to unlock their value<\/em>,\u201d Bill Benjamin, partner of Ares Management and head of the Ares Real Estate Group, said in a prepared statement. He noted that the center\u2019s more than 10 million visitors a year make it one of the top 25 retail locations in Spain by footfall.<\/p>\n

\u201cWe expect to invest more than \u20ac40 million ($49.5 million) to fully renew the shopping environment, adapting and extending existing shops to meet and exceed tenants\u2019 and shoppers\u2019 requirements<\/em>,\u201d added Andrew Vaughan, Redevco\u2019s CEO. \u201cThe refurbishment plans were already approved by the community of co-owners in July 2017 and have the full support of the center\u2019s longstanding fashion tenants<\/em>\u2026.\u201d<\/p>\n

Photo courtesy of\u00a0Redevco Iberian Ventures<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Redevco Iberian Ventures took a majority stake in the Parque Corredor shopping center for $173 million. The retail center is the main shopping destination in Corredor del Henares, metro Madrid\u2019s east corridor.<\/p>\n","protected":false},"author":882,"featured_media":1004206026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,16,21783,21742,21749],"tags":[33121,39042],"class_list":["post-1004205998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-international","category-investment","category-latest","category-retail","tag-ares-management-lp","tag-redevco"],"acf":[],"yoast_head":"\nUS-EU Joint Venture Buys Mall in Madrid - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/u-s-e-u-joint-venture-buys-mall-in-madrid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US-EU Joint Venture Buys Mall in Madrid\" \/>\n<meta property=\"og:description\" content=\"Redevco Iberian Ventures took a majority stake in the Parque Corredor shopping center for $173 million. 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