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Ares Management, Redevco JV takes majority stake in Madrid asset for €140M

Redevco Iberian Ventures acquired a majority stake in the Parque Corredor Shopping Center in Madrid for about €140 million.

Redevco Iberian is a joint venture between real estate funds managed by global alternative asset manager Ares Management LP and pan-European retail real estate investment management company Redevco.

The majority stake, which represents more than 70% of the gross leasable area in Parque Corredor, was purchased through deals with the Aermont Capital-advised Sareb fund and other co-owners of the property.

Redevco CEO Andrew Vaughan said in a release that the company expects to invest more than €40 million into certain renovations at the property, which currently has more than 123,000 square meters of retail and leisure space.

Cushman & Wakefield, Deloitte and Simmons & Simmons were the advisers on the transactions.