London-based real estate (RE) investment manager Tristan has formed a joint venture with Kefren Capital Real Estate, a Spanish RE firm, to develop a logistics platform in Spain.
Tristan, via its CCP 5 Long-Life core-plus Fund, and Kefren are targeting a platform of 200 million euros ($226 million) in established logistics locations across the country.
Recently, the JV acquired its first three assets, with a lettable area of circa 43,000 square meters of which 93 percent is let to a number of tenants serving corporate contracts for the storage and distribution of goods.
The assets are located in Azuqueca de Henares, an established logistics submarket within Madrid’s third ring in the A-2 corridor.