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 26,677sq m 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 105,000sq m 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 18,657sq m retail area with 10 units spanning food and fashion and an 8,020sq m 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.
