AEW acquires 103-unit apartment property in Spain for German pension fund

AEW has acquired a residential property, Joan Miro 36, in the Santa Catalina district of Palma de Mallorca, Spain, on behalf of a separate account mandate backed by a German pension fund. The asset has been acquired from Banco Sabadell.

The six-story building comprises 103 apartments across 10,000 square meters (107,639 square feet), offering predominantly one- to three-bedroom apartments, 940 square meters (10,118 square feet) of ground-floor retail space and 186 parking units. The residential component of the asset, which represents 96 percent of the total income, is currently 91 percent leased. Originally constructed in 1978, the apartments have recently renovated, with almost all of them providing outside space via balconies or terraces.

AEW has identified several asset management initiatives to enhance the asset, including the creation of a workspace, a fitness center and a cafeteria. Furthermore, in line with its investment strategy and commitment to environmenta