Corestate Capital of Zug, Switzerland, has formed a joint venture with Inmobiliaria Espacio and OHL Desarrollos of Spain to pursue residential and commercial real estate projects in Spain.
Inmobiliaria Espacio is a project development and asset management firm based in Madrid, and its sister company OHL Desarrollos, a development firm, is part of the OHL Group, also based in Madrid; both are owned by Grupo Villar Mir. The JV, named Iberian Corestate Capital Advisors SL, will work at building a portfolio in Spain and providing investment opportunities for the partners and their international investors.
“We have closely studied the Spanish real estate market and decided that now is the right time for us to enter that market,” observes Ralph Winter, founder of Corestate Capital. “We are keen to seize the chances that present themselves in Spain, and will focus both on off-market transactions with positive cashflow and on opportunistic investments with significant upside potential.”
Jose Antonio Fernandez Gallar, director general of Inmobiliaria Espacio, comments: “Gaining access to Corestate’s extensive investor base will give us an opportunity to serve even more institutional investors, family offices and high-net-worth individuals.”
“This joint venture will enable us to create an optimum balance between cashflow-oriented deals of defensive character and value-add projects that are more opportunistic,” explains Andrés Pan de Soraluce, president of OHL Desarrollos. “It is a strategic partnership to create a strong and international real estate platform that will focus on various commercial and residential projects.” The JV will concentrate on office, residential, retail and shopping centre developments along with other projects such as hotels, student housing and logistics facilities in Spain.