To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionAEW enters Barcelona office market for German institutional investor
AEW has acquired, on behalf of a German separate account, a circa 10,500-square-meter office building in Barcelona. The asset is well-located in Vila Olimpica, close to the Marina port and was acquired from Grupo Lar.
AEW will undertake a full refurbishment of the building and is targeting a LEED Gold standard. The refurbishment will be completed in 2020 and will offer grade A office space.
This acquisition represents AEW’s first investment in the Barcelona office market, which is benefitting from strong demand for high-quality 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.”
Lars-Henning Pylla, fund manager, added, “In a European context, we consider Spain and
