Global investment and asset manager AEW has acquired two dominant retail parks outside Madrid and Valencia in Spain from Lar España.
Financial details were not disclosed.
Carsten Czarnetzki, AEW’s country head of Spain, said: 'We continue to see attractive opportunities in Spain, where economic growth is outperforming the Eurozone average and is forecast to continue on an upward trajectory.
'AEW is an active investor in the Spanish market, and these two acquisitions bring total assets under management in Spain to €1.1 bn across the retail, logistics, office and residential sectors.
'With this acquisition, AEW is also becoming one of the largest retail investors in Spain with over 230,000 m2 of retail assets under management from 32 assets including retail parks, supermarkets and shopping centres.'
Rivas Futura is the largest prime retail park in the Madrid region, comprising c. 36,500 m2 of space. The asset, which is rated BREEAM Excellent, was refurbished in 2021 and offers a strong line up of 25 occupiers including Media Markt, Adidas, Puma, Maisons du Monde, Besson, Primaprix and Kiwoko.
Rivas Futura is strategically situated along the A3 motorway connecting Madrid to Valencia and is well connected to Madrid city centre.
Vistahermosa is a 33,800 m2 urban retail park in Alicante, the second most populated town in the Valencia area. The park is rated BREEAM ‘Very Good’ and has an annual footfall of 7.3 million, serving the entire Alicante metropolis.
Vistahermosa has a strong leisure, entertainment and home offering and is anchored by Leroy Merlin, Alcampo and Media Markt with 15 other occupiers including Maisons du Monde, KFC, Dreamfit and JYSK. The park is easily accessible by road networks to a wide catchment area along the tourist coast.
Antoine Barbier, head of AEW Patrimoine at AEW, added: '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 benefitted 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.'
AEW was advised by CBRE and Baker McKenzie.
