AEW Europe Buys Amura Building In Madrid For €37M

4 February 2016 – Expansión

The real estate investment manager AEW Europe has acquired the Amura office building, in the Arroyo de la Vega de Alcobendas area of Madrid, for €37 million. The asset has been purchased for the Europe Value Investors (EVI) fund from Union Investment Real Estate, which is headquartered in Hamburg and which has owned the building for twelve years. The operation has been advised by Cushman & Wakefield.

The building was constructed in 2002 and contains five floors of offices, plus two underground floors for parking. In total, it has a surface area of 18,178 m2 and its occupancy rate is currently 67%. The property’s tenants include Euronet Negocios and GEA Process Engineering.

AEW Europe is one of the largest real estate investment managers in Europe, with nine offices and more than 280 employees. It manages assets with a value of €18,200 million.

Meanwhile, the Europe Value Investors fund focuses on the office segment in cities all over Europe and until now, has invested €375 million in a total of 12 assets.

According to the director of EVI, Carsten Czarnetzki, “Amura is a well-located, high quality asset, which provides us with the opportunity to add value and increase revenues by leasing out the empty space”. And he added: “There is a shortage of high quality office space in the market in Madrid and therefore, this acquisition gives us the potential to increase the asset’s value as the recovery of the Spanish economy continues.

Two investments per month

This is the second operation completed by AEW Europe in Madrid this year. The German investment manager made its debut in the Spanish market recently with the purchase of a retail outlet on Calle Serrano, in an operation that was also advised by Cushman & Wakefield. In that case, the firm made the purchase through its City Retail fund, which has an investment budget of €400 million.

Original story: Expansión

Translation: Carmel Drake