Bahrain's investment bank GFH Financial Group said its subsidiary in the United Kingdom (UK) has set up a joint venture (JV) to acquire urban logistics assets in Spain.

Over the next 18 months, Roebuck Asset Management and ICG Real Estate, the real estate arm of London-listed Intermediate Capital Group, will mostly target €400 million ($409 million) index-linked long income assets through direct sale and leaseback opportunities or secondary acquisitions, the bank said in a statement on Sunday.

The JV has already completed the acquisition of three urban logistics assets in Spain and are looking for more opportunities, GFH said.

(Writing by Brinda Darasha; editing by Cleofe Maceda)