AEW, on behalf of AEW Europe Value Investors II (“EVI II” or the “Fund”), announces the acquisition of a portfolio of four office assets located in Madrid and Barcelona with a total GLA of over 25,000 sqm. This is the second investment for the Fund following the recent acquisition of a Munich office building in May 2019.
Two of the four properties are located in Claudio Coello 124 in Madrid’s Central Business District and in Comte d’Urgell 143 in Barcelona’s Central Business District. Both these assets are core assets with an average occupancy of over 87%. The remaining two assets are located in the Barcelona submarkets of Mas Blau and Sant Joan Despí with an average occupancy at acquisition of 50.3%.
AEW will deploy its local asset management team to oversee light to extensive refurbishments of the assets followed by an intensive hands-on leasing strategy to reposition the portfolio and drive value taking advantage of the asset locations and the local market fundamentals.
After a first close with predominantly German institutional investors, the second fund in AEW’s Europe Value Investors series is targeting total equity of approximately €500 million, which will provide a total investment capacity of c. €1 billion with leverage. The Fund, which focuses primarily on identifying office properties with upside potential in established and developing locations in Europe’s most liquid markets, has acquired an asset in Munich and has a strong pipeline of potential investments.
Source : Company