AEW, acting on behalf of the recently launched AEW Europe Value Investor II Fund (EVI II), has acquired an office building in Munich-Riem. The vendor is KanAm Grund. The purchase price was not disclosed.
Located at Hanns-Schwindtstrasse 2-4, the asset, known as the Accor Building, comprises 7,629m² of office space and is fully let to AccorInvest Germany. The property also boasts a parking facility for 115 vehicles.
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 €210m in equity commitments at first close and is targeting total equity of approximately €500m which will provide a total investment capacity of circa €1bn.