Asset manager AEW has acquired two retail parks outside Madrid and Valencia in Spain from Lar España for an undisclosed sum.
AEW said it has bought Rivas Futura, a recently refurbished 36,500sqm prime retail park in the Madrid region and also acquired Vistahermosa, a 33,800sqm urban retail park in Alicante.
Carsten Czarnetzki, AEW’s country head of Spain, said: “We continue to see attractive opportunities in Spain, where economic growth is outperforming the Euro-zone average and is forecast to continue on an upward trajectory.”
Czarnetzki said the two acquisitions bring AEW’s total assets under management in Spain to €1.1bn in the retail, logistics, office and residential sectors.
“With this acquisition, AEW is also becoming one of the largest retail investors in Spain with over 230,000sqm of retail assets under management from 32 assets including retail parks, supermarkets and shopping centres,” Czarnetzki added.
Antoine Barbier, the head of AEW Patrimoine at AEW, said: “Rivas Futura and Vistahermosa are two of the most renowned retail parks in their respective markets, and this investment provides our clients with access to strong-performing prime assets underpinned by high footfall and excellent connectivity.
“Both retail parks have benefited from investment over the last few years and we have also identified opportunities to further enhance their long-term performance through active asset management, including in the area of ESG.”
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