The company 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 36,500sq m 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.
Vistahermosa is a 33,800sq m 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 €1.1bn 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 230,000sq m of retail assets under management from 32 assets including retail parks, supermarkets and shopping centres.”
