NEINVER and KKR have formed a joint venture to purchase two retail centers based in Spain from British Land for a sum of about €90m.
The private equity company, KKR, has bought two retail assets located in Spain from the Pillar retail Europark Fund (PREF), of which British Land is the majority owner and manager.
The deal is made up of two assets. The first is Nassica, a 50000m² leisure and retail asset situated in the South of Madrid, and the second is Vista Alegre, a 16000m² retail park based in Zamora in northern Spain’s Castilla & Leon region. The value of the two purchases is in excess of €90m.
The assets will be owned and managed in the joint venture. The Spanish Group, the developers of Nassica during 2002, has around 45 years of experience as a retail operator which adds value to the assets by the use of their particular asset management technique. The financial details related to the transaction have not been made public.
The real estate investment team at KKR focus on partnerships with lenders, operators, developers and real estate owners to offer flexible capital options based on the needs of the transaction. This includes financing of existing companies or assets, funding of future acquisitions or developments or outright purchases. Since the launch of its real estate platform during 2011, the group has offered equity in excess of $1.6bn to 26 transactions in Asia, Europe and the U.S.
NEINVER and KKR received advice from Retail Partners Europe, Deloitte and Freshfields Bruckhaus Deringer, whilst British Land obtained advice from PWC, Uria Menendez, CBRE and Internos.
12 SEPTEMBER 2014, Spain
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