AEW sells retail premise Serrano 7

AEW sells retail premise Serrano 7

The amount of the transaction was not disclosed, but Cushman&Wakefield - which has advised the seller in this operation -  knows that this asset has two floors and 750 sqm and that it is currently occupied by CaixaBank. This consultant has acted in co-mandate with Savills Aguirre Newman.

This operation was carried out by AEW’s commercial division, AEW Europe City Retail and it was the first sale the management company carried out this year in Spain. Until now, all operations within the country had been investment operations, as was the case of the acquisition of 4 office buildings located in Madrid and Barcelona last July.

For Mutualidad de la Abogacía, this was the second purchase in the country this year. The first was the retail space located at number 6 Calle Carreteras for 33.5 million euro. According to the daily newspaper, the insurance company’s portfolio is currently estimated at 754 million euro.

Speaking on behalf of the transaction, Alejandro Sanchez-Marco, National Director in the Capital Markets Division, Savills Aguirre Newman, commented: «This is a significant transaction for a prime asset in the heart of one of Madrid’s most exclusive districts. Appetite from European capital for locations such as these remains high and we expect this trend to continue into 2020».

Last Update at 4:00 p.m. 12/12/2019

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