AEW’s Europe real estate fund is buying an office building development in Spain’s capital city.

AEW Europe Value Investors Fund has agreed to forward purchase the office building being constructed at the Paseo de la Virgen de Puerto (Rio 55) in Madrid for €43m.

The 14,000sqm property is being developed by Insur Group.

Once complete, the asset will provide 13,000sqm of office space on seven floors, around 1,000sqm of retail space across five ground floor units and more than 200 parking spaces.

The AEW Europe Value Investors fund implements a diversified value-add Pan-European investment strategy targeting office assets in need of repositioning. 

AEW Europe Value Investors raised €410mn of which 93% has already been invested across Europe.

Carsten Czarnetzki, the country head for Spain and fund manager of the acquiring fund at AEW, said: “We continue to explore opportunities to grow our investment in Spain which is experiencing strong economic growth prospects.”

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