GFH’s UK arm Roebuck & ICG form $409mn JV to expand into Spanish logistics market

By Arya M Nair, Intern Reporter
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GFH Bahrain
Representational Image

Bahrain-based GFH Financial Group’s UK subsidiary Roebuck Asset Management and ICG Real Estate, the real estate business of Intermediate Capital Group (ICG), have formed a Joint Venture (JV) to aggregate urban logistics/ last mile portfolio across Spain.

The partnership represents another milestone for GFH as it continues its expansion and the realization of the Group’s asset management aspirations with a stronger footprint and growing portfolio in Europe.

The strategy, with a target Gross Asset Value (GAV) of $409 million over the next 18 months, will predominantly target index-linked long-income assets in strong micro-locations via direct sale and leaseback opportunities or secondary acquisitions, but will also seek out the build-to-suit and forward funding opportunities that fit the thematic investment criteria.

Hugh Macdonald- Brown
Hugh Macdonald- Brown
Managing Partner
Roebuck

“We are delighted to announce this new partnership, which has already identified a strong pipeline of assets across core Spanish city markets and completed three strategic acquisitions. The JV builds on Roebuck’s well-established track record as a pan-European asset manager and its presence in the Spanish market, having established Roebuck Iberia in 2020 following the transaction of $306 million of Spanish logistics and increased investor demand for access to Spain. We see great promise in the last mile urban logistics market in the country, which continues to demonstrate positive fundamentals.”

Building on Roebuck’s strong knowledge and position in the Spanish market, the new JV has already completed the acquisition of three urban logistics assets across Spain. The assets form a seed portfolio of triple-net long income, backed by good covenants, in locations that are critical to their tenant’s needs, providing a robust platform from which to aggregate.

Related: Bahrain’s GFH acquires $300mn US student housing portfolio


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