AEW’s City Retail Fund enters Portuguese market

AEW has acquired eight assets via two transactions in Lisbon and Porto, Portugal, on behalf of the Europe City Retail Fund.

“As AEW’s first investments in Portugal, this marks an important milestone in our European investment strategy,” said Nikos Koulouras, co-head of investments for AEW’s private equity funds in Europe. “Portugal is characterized by a growing economy, which outperformed the European average in 2018, with strong consumer confidence indicators and a positive occupational market. Beyond retail, we are also focusing on acquiring well-located office assets with a value-add strategy, as we strongly believe in the ongoing growth in the Portuguese economy and the fundamentals of the Lisbon office market.”

The portfolio comprises 5,300 square meters (57,000 square feet) of high street retail.

In Lisbon, four units are located on the main prime shopping streets of Liberdade and Rua Augusta. These assets are fully leased to brands includin