AEW Europe acquires four assets in Spain

AEW Europe has purchased a portfolio of four office assets in Madrid and Barcelona with a total GLA of more than 25,000 square meters (269,000 square feet) for an undisclosed amount.

The Madrid asset is located in Claudio Coello 124 in Madrid’s central business district, while the first Barcelona asset resides in the Comte d’Urgell 143 in Barcelona’s central business district. Both of the assets are core assets with an average occupancy of more than 87 percent, according to AEW.

The remaining two assets are located in the Barcelona submarkets of Mas Blau and Sant Joan Despí with an average occupancy at acquisition of 50.3 percent.

AEW plans to 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.

The transaction was made on behalf of AEW Europe Value Investors II, a value-add, diversified fund that launched in January. The fund is targeting total equity