Cerberus appoints Arrow Capital Partners to assist in management of EUR750m Spanish industrial and logistics portfolio
Arrow Capital Partners has been appointed by an affiliate of Cerberus Capital Management (Cerberus) to assist in the management of an EUR750 million portfolio of light industrial and logistics assets in Spain.
The industrial portfolio includes over 1,000 light industrial and logistics assets totalling approximately five million sq m located close to Spain’s major cities and transport hubs with circa 60 per cent within the Barcelona and Madrid metropolitan areas. The portfolio will be managed by Arrow Capital Partners’ Spanish team established in early 2018, based in Madrid. The Spanish team is led by Howard Barnes, formerly head of development at Talus Real Estate and includes Gonzalo Garcia-Prieto, formerly Director of Heritage at Dospuntos (Varde), Cristina Dotor, formerly asset manager at iKasa, Luis Pino and Eneko Bengoa, formerly asset managers at Savills.
Arrow Capital Partners was set up in 2015 by Martyn McCarthy, Managing Partner and Kurt Wilkinson, Partner, with its expansion into Europe being led by Christian Bearman, Partner, Head of Europe.
As a real estate investor and operator, Arrow Capital Partners targets equity and debt opportunities, specialising in cross-border transactions where it can use its platform and balance sheet to invest with US and Asia-Pacific investors into Europe, as well as European and US investors into the AsiaPacific region.
Robert Falls, Managing Director at Cerberus European Servicing, Ltd, Cerberus’ affiliated advisor with regards to asset management, property management, and loan servicing platform, commented: “We are pleased to be partnering again with the team at Arrow Capital Partners to assist us with the management of our industrial portfolio in Spain. We’ve developed a great relationship with Arrow Capital Partners over the years through various European mandates and we look forward to leveraging their expertise and capabilities in the Spanish market.”
Christian Bearman, Partner, Head of Europe at Arrow Capital Partners, says: “It’s great to be continuing Arrow Capital Partners’ momentum in Europe with our appointment on this mandate in Spain with Cerberus. We welcome Howard and our team in Spain to the Group. There are few operators with as much experience and knowledge of this sector in the market as Howard.”
Howard Barnes, Head of Spain at Arrow Capital Partners, says: “As the Spanish economy continues to recover from the financial crisis, we are seeing some excellent entry opportunities, particularly for us as we are looking to acquire light industrial and logistics assets of over EUR200 million in the next year or so. As growth in Spain’s e-commerce sector continues off a low base, a marked supply / demand imbalance has developed in the light industrial and logistics sectors, increasing rents and capital values.”