Global investors AEW has acquired an office building in Barcelona on behalf of a German seperate account client from Spanish REIT Grupo Lar.
Financial details were not disclosed.
The 10,500 m2 office property is located in Vila Olimpica, close to the Marina port, and marks AEW's first transaction in the Barcelona office market. AEW said it would undertake a full refurbishment of the building and is targeting a LEED Gold standard. The work will be completed in 2020, creating Grade A office space.
'The strong occupational market and limited available supply have convinced us to enter the Barcelona office market for the first time,' said Carsten Czarnetzki, country head of Spain for AEW. 'The excellent asset location and the numerous value enhancing opportunities make this an attractive addition to our portfolio.'
'In a European context, we consider Spain and the Barcelona market in particular to be an essential part of a well-balanced institutional portfolio. After the repositioning has taken place, this asset will contribute to the fund’s long-term investment approach,' said Lars-Henning Pylla, AEW fund manager.
AEW opened its Spanish office in January 2017 and has completed in excess of €400 mln of transactions since then.
AEW was advised by BNP Paribas and Fabregat Perulles Sales.