AEW has acquired the Planetocio retail and leisure centre for €20m. The company bought the property from AXIARE.
The centre was built in 2001 and offers 21,000 m² of retail and leisure space across 40 units. Major tenants include Media Markt and Yelmo Cinema, as well a number of well-known food and beverage brands (McDonald’s, Pizza Hut and Vips).
The Planetocio centre is located adjacent to the A6 motorway in Collado Villalba, Madrid, and serves the Sierra de Guadarrama residential area, one of the most affluent parts of the region. The asset benefits from three million visitors per year.
Commenting on the acquisition Russell Jewell, Head of Private Equity Funds for AEW in Europe, said: “Planetocio is well placed to serve the retail and leisure needs of a large and affluent residential community in the Madrid region. Planetocio offers a number of asset management opportunities that will further improve and differentiate the already strong tenant line-up to better serve the demands of the local catchment.”
AEW was advised by Hogan Lovells, Malcolm Hollis and Catella Asset Management Iberia. Liberbank were the financing bank. AXIARE was advised by CBRE and E&Y.
