AEW opens Madrid office, targets €500m Spain AUM

Asset and investment manager AEW Europe has opened an office in Madrid after acquiring four assets in Spain for €153 million ($163 million) during the past few years.

AEW Europe has made these acquisitions for several core and value-add funds and mandates. The real estate manager’s assets under management in Spain have reached €343 million ($366 million), and the firm expects some €500 million ($533 million) of AUM over the coming years.

AEW Europe has appointed Carsten Czarnetzki as head of Spain. In this role, he will oversee the company’s investments and asset management in the country. He will retain his role of portfolio manager of the Europe Value Investors fund.

Acquired Madrid assets include an office building for €39 million ($42 million), known as the Amura building, in the Arroyo de la Vega area of the Madrilenian suburb of Alcobendas in 2016. The seller was Union Investment Real Estate GmbH. The ac