AEW has acquired two dominant retail parks outside Madrid and Valencia in Spain from Lar Espana.
Rivas Futura is the largest prime retail park in the Madrid region, comprising c. 36,500m² of space. The asset, which is rated BREEAM ‘Excellent’, was refurbished in 2021 and offers a strong lineup of 25 occupiers including Media Markt, Adidas, Puma, Maisons du Monde, Besson, Primaprix, and Kiwoko.
Rivas Futura is strategically situated along the A3 motorway connecting Madrid to Valencia, with the area having rapidly established itself as a residential district with a number of new developments in recent years. The asset is well connected to Madrid city centre as well as the eastern suburbs via the Metro and various bus lines.
Vistahermosa is a c. 33,800m² urban retail park in Alicante. The park is rated BREEAM ‘Very Good’ and has an annual footfall of 7.3 million, serving the entire Alicante metropolis, being located between the Vistahermosa district and Playa de Juan. Vistahermosa has a strong leisure, entertainment and home offering and is anchored by Leroy Merlin, Alcampo, and Media Markt with 15 other occupiers including Maisons du Monde, KFC, Dreamfit, and JYSK. The park is easily accessible by road networks to a wide catchment area along the tourist coast.
Carsten Czarnetzki, AEW’s Country Head of Spain, said: “We continue to see attractive opportunities in Spain, where economic growth is outperforming the Eurozone average and is forecast to continue on an upward trajectory. AEW is an active investor in the Spanish market, and these two acquisitions bring total assets under management in Spain to €1.1b across the retail, logistics, office and residential sectors. With this acquisition, AEW is also becoming one of the largest retail investors in Spain with over 230,000m² of retail assets under management from 32 assets including retail parks, supermarkets and shopping centres.”
Antoine Barbier, Head of AEW Patrimoine at AEW, added: “Rivas Futura and Vistahermosa are two of the most renowned retail parks in their respective markets, and this investment provides our clients with access to strong-performing prime assets underpinned by high footfall and excellent connectivity. Both retail parks have benefitted from investment over the last few years and we have also identified opportunities to further enhance their long-term performance through active asset management, including in the area of ESG.”
AEW was advised by CBRE and Baker McKenzie.
