AEW has acquired an office building ripe for refurbishment in the 22@ district of Barcelona, Spain.
Joan d’Austria 39-47, which AEW describes as “a major refurbishment opportunity” is a vacant 8,500 sq m office building which has been bought from Eurostone on behalf of fund AEW Europe Value Investors II. The acquisition increases EVI II’s assets under management to over €350 million and 13 assets.
During the next 15 months, AEW will comprehensively refurbish the asset, revamping its rooftop terrace, ground floor reception area and the office space, as well as improving the external façade. An 840 sq m ground floor retail unit will remain let to the Generalitat de Catalunya on a lease with 10 years remaining.
New energy-efficient windows and an LED lighting system will be installed and LEED ‘Gold’, WiredScore and WELL accreditation will be sought.
“Spain’s economy is forecast to outpace the Eurozone average with 6% GDP growth expected in 2021,” AEW fund manager Carsten Czarnetzki said. “Due to be delivered in 2023, Joan d’Austria 39-47 is also perfectly positioned to take advantage of growing occupier demand in 22@, which is seen as the city’s new business district, particularly amongst international business and the booming technology industry.”