Global real estate investment manager AEW has acquired Alcora Plaza, a prime, grocery-anchored retail park in Parque Oeste, Madrid in Spain.
Financial details were not disclosed.
The asset was acquired on behalf of one of AEW’s funds from Goldman Sachs Asset Management, who purchased the former Ikea store in 2017 and transformed it into a multi-tenant retail park.
Alcora Plaza comprises 16,400 m2 of recently refurbished space divided into fourteen retail units, alongside a food court, recreational area and external and indoor parking areas.
Carsten Czarnetzki, head of Spain at AEW, commented: 'Alcora Plaza is situated in one of the most attractive retail locations in Madrid with high footfall and is occupied by a diverse mix of high-quality tenants.
'We are confident that prime retail assets with an attractive offering, such as Alcora Plaza, will continue to perform well and provide sustainable returns for investors.'
The park has an occupancy of 95% with a weighted average lease term to break of around five years and is let to a highly diversified mix of occupiers spanning the grocery, food and beverage, fashion, sports and retail sectors including Lidl, Kvik, Milbby and Taco Bell.
The shopping centre is situated in Parque Oeste, one of the largest retail hubs in Spain, welcoming more than 30 million visitors per year.
In line with AEW’s commitment to enhance sustainability measures of its commercial property investments, there are several initiatives planned including the installation of PV solar panels, a BMS system and a rainwater recovery system.
Additionally, AEW will aim for the asset to add to its existing ESG credentials and achieve an ISO 50001 energy management certification and Cradle2Cradle certification. The asset is already EPC rated A on C02 emissions and B on energy consumption.
AEW was advised by Baker McKenzie, Savills and Hollis for this transaction. The vendor has been advised by Cushman & Wakefield.
