Real estate investment and asset manager AEW has acquired two large retail parks outside Madrid and Valencia in Spain from Lar España. 

Rivas Futura is the largest prime retail park in the Madrid region, comprising c. 36,500sqm of space. The asset is strategically situated along the A3 motorway connecting Madrid to Valencia, with the area having rapidly established itself as a residential district with a number of new developments in recent years. 

Vistahermosa is a c. 33,800sqm urban retail park in Alicante, the second most populated town in the Valencia area. The park has an annual footfall of 7.3m, serving the entire Alicante metropolis, being located between the Vistahermosa district and Playa de Juan. 

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 230,000sqm of retail assets under management from 32 assets including retail parks, supermarkets and shopping centres.”