Real estate specialist AEW has bought a prime retail property in central Barcelona, marking its second acquisition in Europe this week.
The property, bought for an undisclosed sum, is located in the heart of the city’s main luxury shopping district and opposite Antoni Gaudi’s iconic La Pedrera.
Comprising 560 sqm spread over three floors, the building is fully-let to Italian luxury clothing company Loro Piana.
According to AEW, Passeig de Gracia, where the store is located, is one of Europe’s “most sought after” streets.
Nikos Koulouras, head of investments for the firm’s private equity funds in Europe, added: “We continue to believe in the strength of the Spanish real estate market and we have further appetite for acquiring prime high-street assets in both Madrid and Barcelona.”
The off-market acquisition, made on behalf of the AEW Europe City Retail Fund, brings the strategy’s total assets to 22 across eleven cities including Milan, Madrid, Paris, and Glasgow.
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