AEW has acquired the Planetocio retail and leisure centre in Spain on behalf of one of its funds.

AEW said the asset, located in Madrid, was acquired for €20m from Spanish-listed property company Axiare Patrimonio.

Built in 2001, the centre offers 21,000sqm of retail and leisure space across 40 units. 

Russell Jewell, the head of private equity funds for AEW in Europe, said: “Planetocio is well placed to serve the retail and leisure needs of a large and affluent residential community in the Madrid region. 

“Planetocio offers a number of asset management opportunities that will further improve and differentiate the already strong tenant line-up to better serve the demands of the local catchment.”