Global investor AEW has acquired four office assets located in Madrid and Barcelona, Spain.
Financial details were not disclosed.
The four properties comprise the portfolio of Spanish investment firm, Inmobiliaria Norte Sur SA, which AEW has purchased for its ‘AEW Europe Value Investors II’ (EVI II) fund.
The buildings have a total GLA of more than 25,000 m2.
Two of the properties are core assets with average occupancy of 87%. They are located in Claudio Coello 124 in Madrid’s Central Business District and in Comte d’Urgell 143 in Barcelona’s Central Business District. The other assets are located in the Barcelona submarkets of Mas Blau and Sant Joan Despí, with an average occupancy of 50.3%.
AEW will embark upon light to extensive refurbishments of the assets, followed by an intensive hands-on leasing strategy, a spokesperson said.
Carsten Czarnetzki, fund manager of EVI II, said: ‘The acquisition of this portfolio is a unique investment opportunity for EVI II comprising two core central business district assets in Madrid and Barcelona, as well as two value add assets in decentralized areas.
‘AEW will now deploy an active asset management plan and an intensive leasing strategy in order to add value and attract new tenants to increase the occupancy rate. We will continue to source high quality opportunities for EVI II through our extensive international network of investment teams.’
The EVI II fund targets mainly German institutional investors, with a cap of €1 bn split evenly between equity and leverage. It is focused on office properties in established and developing locations in Europe's most liquid markets. AEW has a total AUM of €31.8 bn.
AEW was advised on the deal by Cushman & Wakefield and Baker McKenzie. JLL acted for Inmobiliaria Norte Sur SA.