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News » Spain
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AEW acquires mixed-use redevelopment in Barcelona

AEW has agreed the forward purchase of a mixed-use residential-retail property at 59 Via Augusta, in the Sarria-Sant Gervasi district of Barcelona. The asset has been acquired from EuroStone, a Spanish Residential investment company, and has been made on behalf of a private German pension fund mandate. The acquisition is AEW’s first Spanish residential investment. The purchase price was not disclosed.

The building is centrally located in the upmarket Barcelona district of Sarria-Sant Gervasi, 500m from Avenida Diagonal, the main east to west thoroughfare through the city, and directly above the Gràcia metro station. Totalling circa 11,500m², the property has been converted to residential use and is undergoing a two-year refurbishment, which is being delivered by EuroStone. Upon completion, it will comprise 91 residential units and up to three retail units over nine floors, with around 120 car parking spaces and 26 motorcycle parking spaces.

59 Via Augusta, in the Sarrià-Sant Gervasi district of Barcelona.
Carsten Czarnetzki, Country Head Spain at AEW, commented: „This will be a high-quality residential building in the heart of Barcelona and marks AEW’s first residential transaction in Spain, reflecting our growing platform and increasing ambitions in this country. Since opening our office in Madrid in 2017, we have successfully invested clients’ funds across most real estate asset classes in Spain and are seeing continued strong investor demand for the market.”

Lars-Henning Pylla, Separate Account Manager at AEW, added: “Barcelona's residential market, and this redevelopment opportunity, in particular, meets our objective of investing in centrally located and sought after apartments, underpinned by positive, long term fundamentals. Once the project is complete, we expect it to deliver both long-term capital appreciation and stable cash-flow."