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September 11, 2014
London, 11 September 2014 - KKR today announced the acquisition of two retail assets in Spain from the Pillar Retail Europark Fund (PREF) which is majority owned and managed by British Land. The transaction is comprised of two assets: Nassica, a 50,000m2 retail and leisure destination located in the South of Madrid and Vista Alegre, a 16,000m2 retail park located in Zamora in the region of Castilla & Leon in the north of Spain. The assets will be owned in a joint venture between KKR and Spanish retail operator NEINVER, who will manage the assets. The Spanish Group, who developed Nassica in 2002, has 45 years of recognized expertise as a European retail operator adding value to the assets through a unique asset management model. Financial details of the transaction were not disclosed.
KKR's real estate investment team seeks to partner with real estate owners, lenders, operators and developers to provide flexible capital to respond to transaction-specific needs, including the outright purchase or financing of existing assets or companies and the funding of future development or acquisition opportunities. Since launching a dedicated real estate platform in 2011, KKR has committed over $1.6 billion of equity to 26 real estate transactions in the U.S., Europe and Asia. The team consists of 20 dedicated investment professionals who leverage the broader resources of KKR including Private Equity, KKR Asset Management, KKR Capital Markets, and Global Macro and Asset Allocation.
Guillaume Cassou, a Director of KKR London and Head of the KKR European Real Estate team said, "We are excited to complete our first real estate transaction in Spain with the acquisition of a strong retail portfolio. Together with NEINVER, we are well-positioned to create value at these assets and enhance the customers' experience. We look forward to building KKR's real estate exposure in Spain in the near future."
Daniel Losantos, Managing Director of NEINVER comments, "We are very pleased to have closed this agreement with KKR, a leading global investment firm; with a common approach to value creation and with the commitment of our teams, we are confident about the future success of this partnership."
KKR and NEINVER were advised by Retail Partners Europe, Freshfields Bruckhaus Deringer and Deloitte, while British Land / PREF were advised by Internos, CBRE, Uria Menendez and PWC.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com.
With 45 years' experience, NEINVER is a leading international property company that focuses its business on property development, asset management and fund management. It is recognised in Europe as a strategic partner for outlet projects, thanks to its knowledge of the entire property cycle. It has been recognised by the top international brands as the second-most-trusted outlet manager (Ecostra-Magdus 2013). NEINVER is currently Europe's second-largest operator of outlet centres (ICSC ranking), managing 15 centres with a total of 311,600 sq.m. of GLA, under The Style Outlets and FACTORY brands.
NEINVER has bolstered its position in the European retail market with 500,000 sq.m. of retail space, 2,000 store locations and more than 900 of the finest brands. The Group operates in Spain, Italy, France, Germany, Portugal and Poland.
In addition, NEINVER manages the IRUS European Retail Property Fund, one of the largest private-capital pan-European retail property funds.
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