AEW’s Europe City Retail fund which specialises in prime locations on Europe’s most commercial high streets has agreed to sell Caixabank’s retail branch on nº7 of Madrid’s Serrano street to the Spanish Lawyers Association Pension Fund known as Mutualidad de la Abogacia.
Cushman & Wakefield has advised the seller and organised a competitive sale process along with Savills Aguirre Newman.
The unit has 750 square meters of GLA on two floors (street and first floor) and is currently home to one of the main branches of Caixabank in the wealthy Salamanca district. The asset was purchased by AEW in 2016 from Ingria Investments S.L. a JV which had Rockspring as its main investor.
Cushman & Wakefield also acted as advisor to Ingria on the original sale to AEW and leased the property to the bank. Following the transaction, the fund’s real estate assets under management amount to €799.28 million.