Ares Management and Redevco’s Iberian Joint Venture Acquires Majority Stake in Parque Corredor Shopping Center in Madrid for €140 Million
Ares Management Corporation Class A (ARES)
Last ares management corporation class a earnings: 2/13 06:00 am
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Source: Business Wire
LONDON--(BUSINESS WIRE)-- Redevco Iberian Ventures, the joint venture between real estate funds managed by global alternative asset manager Ares Management, L.P. (NYSE:ARES) and pan-European retail real estate investment management company Redevco, has acquired more than 70% of the gross leasable area in the Parque Corredor Shopping Center, one of the largest retail centers in Madrid. The majority stake was acquired through transactions with Sareb, a fund advised by Aermont Capital, and various other co-owners of the property for approximately €140 million. With more than 123,000 square metres of retail and leisure area, Parque Corredor is the main shopping destination in Madrid’s east corridor, known as Corredor del Henares, attracting more than 10.5 million visitors annually. This acquisition follows Redevco Iberian Venture’s successful 2017 activity, which included the sale of a portfolio of nine retail parks
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