Real estate manager AEW has acquired a 26,677sqm urban retail park in Spain on behalf of an existing fund for French retail clients.
The manager has invested an unspecified amount to acquire the five-building asset located within Granaita Retail Park shopping destination in Granada.
Carsten Czarnetzki, country head Iberia at AEW, said: “This acquisition represents an opportunity to invest in a dominant and well-established retail destination in one of southern Spain’s key metropolitan markets. Granaita benefits from a strong retail offer, excellent connectivity and a broad catchment encompassing Granada and its surrounding municipalities, which continues to expand through new residential development adding further to the already strong catchment.
“AEW’s established presence in Spain, combined with its local market knowledge, enables us to identify and pursue attractive opportunities such as this, including off-market transactions.”
Antoine Barbier, head of AEW Patrimoine, said: “This acquisition is well aligned with our fund’s strategy of investing in high-quality retail assets across several European countries. The fund aims to build a portfolio focused on retail assets, characterised by high occupancy, a diversified tenant base and a complementary mix of retail and leisure offerings, with the aim of generating attractive income.
“Planned improvements will also enable us to enhance the asset’s environmental performance and support its long-term value for the benefit of our clients.”
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