The Dutch fund has bought six assets in Spain and Portugal for more than €80 million, according to a statement sent by the company.
The investments in Lisbon, Bilbao, Seville, Porto and Malaga will serve as the basis for the launch of Redevco's Next Gen Stays joint venture platform, which will transform properties into boutique hotels.
The fund plans to build a €250m portfolio in Iberian markets through specialist operators, before expanding into a pan-European hotel vehicle with a target investment volume of between €500m and €700m.
The aim of the strategy is to capitalise on the resurgence and post-pandemic growth of the youth tourism and experiential travel market and to aggregate a professionally managed portfolio in a rapidly evolving and expanding sector, according to the fund.
"By combining Redevco's strong track record of real estate investments in retail and urban regeneration with top hotel operators, our Next Gen Stays strategy is aligned with the latest travel and consumer trends," says Israel Casanova, managing director of global transaction management at the fund.
