Making its debut on the Spanish market, AEW Europe has added Madrid’s high-end retail project to its City Retail Fund in a forward purchase agreement valued at €125m. The seller is a JV between Rockspring Property Investment Managers and an undisclosed local investor. Located on Calle Serrano, the 750 sqm flagship retail project is due for completion in the third quarter of 2017.
AEW Europe’s City Retail Fund has raised €400m in equity commitments, which, with a maximum loan-to-value ratio of 50 percent, will provide a total investment capacity of up to €800m. The fund is focusing on building a portfolio of high-quality, income-producing retail assets that are well-located within European city centers.
