AEW, acting on behalf of a German separate account, has acquired a c.10,500m² office building in Barcelona, Spain. The asset is well located in Vila Olimpica, close to the Marina port and is expected to be fully refurbished to a LEED Gold standard. The refurbishment will be completed in 2020. The vendor is Grupo Lar. This acquisition represents AEW’s first investment in the Barcelona office market which is benefitting from strong demand for high-quality office space. The purchase price was not disclosed.
Carsten Czarnetzki, Country Head of Spain for AEW, said: “The strong occupational market and limited available supply have convinced us to enter the Barcelona office market for the first time. The excellent asset location and the numerous value enhancing opportunities make this an attractive addition to our portfolio.”
Lars-Henning Pylla, Fund Manager, added: “In a European context, we consider Spain and the Barcelona market in particular to be an essential part of a well-balanced institutional portfolio. After the repositioning has taken place, this asset will contribute to the fund’s long-term investment approach”.
