Granada, Spain: AEW, one of the world's largest real estate investment and asset managers with €73.2bn in assets under management, has completed the off-market acquisition of a 26,677m² urban retail park in Granada, southern Spain. The transaction was made on behalf of an existing fund serving French retail clients, adding a well-established, near-fully occupied retail destination to the fund's European portfolio.
The acquired asset sits within Granaita Retail Park, one of Granada's dominant shopping destinations, offering approximately 105,000m² of retail space anchored by leading national and international operators, including Carrefour, Decathlon, Kiabi, Kinepolis, Brico Depot, Action, and Mercadona. AEW's holding comprises five buildings across two distinct zones: an 18,657m² retail area with 10 units spanning food and fashion, and an 8,020m² mixed-use gallery with 16 units incorporating leisure and fitness facilities. The scheme benefits from more than 2,200 parking spaces and is strategically positioned on Granada's northern edge with direct access to the GR-30 ring road and adjacency to the A-92, the major highway connecting Granada to Seville and Malaga.
"This acquisition represents an opportunity to invest in a dominant and well-established retail destination in one of southern Spain's key metropolitan markets. Granaita benefits from a strong retail offer, excellent connectivity and a broad catchment encompassing Granada and its surrounding municipalities, which continues to expand through new residential development adding further to the already strong catchment. AEW's established presence in Spain, combined with its local market knowledge, enables us to identify and pursue attractive opportunities such as this, including off-market transactions," said Carsten Czarnetzki, Country Head Iberia at AEW.
"This acquisition is well aligned with our fund's strategy of investing in high-quality retail assets across several European countries. The fund aims to build a portfolio focused on retail assets, characterised by high occupancy, a diversified tenant base and a complementary mix of retail and leisure offerings, with the aim of generating attractive income. Planned improvements will also enable us to enhance the asset's environmental performance and support its long-term value for the benefit of our clients," added Antoine Barbier, Head of AEW Patrimoine.
For investors and developers, the broader context sharpens the case. Granada is not only a major tourism and university city but is actively expanding its residential footprint, with approximately 1,000 homes built or under construction in the adjacent Borde Norte district alone. That population growth directly underpins footfall and tenant demand at assets of this scale. The gallery area has already achieved BREEAM In-Use "Excellent" certification, and planned capex improvements include the installation of solar panels, additional EV chargers, rainwater harvesting and sustainable landscaping, measures that are increasingly non-negotiable for institutional investors managing assets against ESG mandates and looking to protect long-term income stability.
AEW was advised on the transaction by Fabregat Perulles Sales, JLL, Zaga and DAIE. The seller was advised by RPE, Cushman & Wakefield and Linklaters. AEW manages €34.8bn of real estate assets in Europe across 11 offices, and in the past five years has invested and divested a total volume of over €13bn across European markets.
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People and companies mentioned
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Carsten Czarnetzki, Country Head Iberia, AEW
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Antoine Barbier, Head of AEW Patrimoine, AEW
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AEW, global real estate investment and asset manager; €73.2bn AUM as at 30 June 2026; acquirer of the Granaita asset on behalf of a French retail client fund; manages €34.8bn of European real estate
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Natixis Investment Managers, parent platform of AEW; ranked among the world's largest asset managers with more than €1.3 trillion AUM
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JLL, real estate advisory firm; adviser to AEW on the transaction
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Cushman & Wakefield, real estate advisory firm; adviser to the seller
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Linklaters, international law firm; legal adviser to the seller
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Fabregat Perulles Sales, legal adviser to AEW on the transaction
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Zaga, adviser to AEW on the transaction
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DAIE, adviser to AEW on the transaction
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RPE, adviser to the seller on the transaction
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Granaita Retail Park, major retail destination in Granada, Spain; approximately 105,000m² of total retail space; anchored by Carrefour, Decathlon, Kiabi, Kinepolis, Brico Depot, Action and Mercadona
Image: Granaita Retail Park, Granada. Credit: Copyright Granaita.
