AEW’s latest European value-add property fund has acquired its first asset.

The AEW Europe Value Investor II Fund (EVI II) has bought an office building in Munich-Riem, Germany from KanAm Grund for an undisclosed sum.

The Accor Building at Hanns-Schwindtstrasse 2-4 comprises 7,629sqm of office space and has been fully let since completion in 2001 to AccorInvest Germany.

The property also offers a total of 115 parking spaces.

Last month, EVI II raised €210m at first close. The fund, which targets a €500m, will ultimately have a total investment of around €1bn with leverage.

EVI II focuses primarily on identifying office properties with upside potential in established and developing locations in Europe’s most liquid markets.