King & Wood Mallesons (KWM) has advised the US fund Ares Management on the establishment of a €500 million joint venture with the Dutch real estate company Redevco for the purposes of acquiring commercial real estate assets in Spain and Portugal.
The joint venture will be seeded with a combination of assets provided by Redevco and Ares Management and will complete its investment commitments “in the next few months”, a KWM statement said.
Redevco will manage the joint venture company and its assets.
The KWM team that worked on the deal included Madrid-based partners Enrique Isla and Pablo Díaz.
Isla said: “This deal shows the increasing interest of international investors in operating in the Spanish real estate sector through joint ventures with other companies that have deep experience in the country. In the last few months KWM has provided legal advice to similar joint ventures, in both the residential and commercial sectors.”
Ares Management is a global alternative assets management company with $88 billion of assets under management, including real estate assets and debt.