AEW buys a residential building in Barcelona, adding to the Spanish rental boom

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

Investment funds continue their firm commitment to the rental market in Spain. The German property manager AEW has just bought a building at number 59 of Via Augusta, in Barcelona, ​​to raise rental flats. The fund thus follows the footsteps of other giants of the sector such as Ares, Deutsche Bank, TPG or Blackstone.

AEW already announced at the end of last year that it was interested in the residential rental business in Spain. Although the amount of the transaction is unknown, Eurostone bought the asset from a Luxembourg-based fund managed by the Mina Inmobiliaria Group for 30 million euros in 2017.

The property, as explained from the bottom, is located in the district of Sarrià-Sant Gervasi, one of the most expensive in the Catalan capital and has a mixed use of residential and commercial.

When Eurostone took over the asset, the project contemplated an integral rehabilitation and its subsequent transformation into luxury housing. and transform it into luxury homes, just as he had planned to do also in the building he bought from BBVA in Madrid, located on Espronceda Street, which was the former headquarters of the EFE agency and sold in April of this year to Arcano, for 40 million euros.

AEW has a presence in the real estate market in Spain since 2002, in an interrupted manner, since in the middle of the economic crisis it withdrew from the country to return in 2015, with the purchase of an office building in Alcobendas. In recent years he has purchased assets such as the Rio 55 Business Park or an office building in Barcelona, ​​on Joan Miró Street, which was owned by Lar España.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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