Corestate is becoming active in Spain's real estate market. The private equity investor has entered into a joint venture with Inmobiliaria Espacio, a developer and asset manager seated in Madrid, as well as with its sister company OHL Desarrollos, also a developer. The joint venture, Iberian Corestate Capital Advisors, is to build up a portfolio of office, residential, retail, and logistics properties in Spain and to be represented at nine locations there. The plan reportedly envisions off-market transactions with positve cash flow, and opportunistic investments with significant upside potential. Corestate founder Ralph Winter said, "We are keen to seize the chances that present themselves in Spain," and added, "Now is the right time for us to enter that market". Behind the new partner Inmobiliaria Espacio is Grupo Villar Mir, a business group with over 31,000 employees and an annual revenue more than $10bn.