AEW fund buys first asset

AEW Europe Value Investor II Fund (EVI II), a recently launched fund managed by AEW, has acquired its first acquisition, an office building in Munich-Riem acquired from KanAm Grund.

The Accor Building at Hanns-Schwindtstrasse 2-4 comprises 7,629 square meters (82,000 square feet) of office space and has been fully leased since completion in 2001 to AccorInvest Germany. The property also offers a total of 115 parking spaces.

EVI II focuses primarily on identifying office properties with upside potential in established and developing locations in Europe's most liquid markets. The fund has raised €210 million ($235 million) in equity commitments at first close and is targeting total equity of approximately €500 million ($558 million) which will provide a total investment capacity of €1 billion ($1.12 billion).