Real estate investment and asset manager AEW Europe has secured the purchase of a 26,677 square metre urban retail park in Granada, southern Spain.

The acquired asset forms part of Granaita Retail Park, a major shopping hub spanning approximately 105,000 square metres. The broader complex is anchored by national and international brands, including Carrefour, Decathlon, Kiabi, Kinepolis, Brico Depôt, Action and Mercadona.

Comprising five separate buildings, the acquisition includes 26 units split across two primary sections. The first is an 18,657 square metre retail space containing 10 units occupied by food and fashion retailers. The second is an 8,020 square metre mixed-use gallery area featuring 16 units dedicated to fitness and leisure facilities. The overall scheme is almost fully occupied with a broad tenant mix and offers over 2,200 parking spaces.

Situated on the northern edge of Granada, the site links directly to the GR-30 ring road and lies adjacent to the A-92 motorway connecting the city to Malaga and Seville. Regional growth is further supported by residential development in the surrounding catchment, such as the Borde Norte district where roughly 1,000 homes are completed or under construction.

Environmental credentials for the gallery section currently stand at BREEAM In-Use “Excellent” certification. AEW Europe plans to carry out further sustainability works on site, including adding EV charging points, solar panel installations, rainwater harvesting systems and sustainable landscaping.

Carsten Czarnetzki, Country Head Iberia at AEW Europe, commented: “This acquisition represents an opportunity to invest in a dominant and well-established retail destination in one of southern Spain’s key metropolitan markets. Granaita benefits from a strong retail offer, excellent connectivity and a broad catchment encompassing Granada and its surrounding municipalities, which continues to expand through new residential development adding further to the already strong catchment. AEW Europe’s established presence in Spain, combined with its local market knowledge, enables us to identify and pursue attractive opportunities such as this, including off-market transactions.”

Antoine Barbier, Head of AEW Patrimoine at AEW Europe, added: “This acquisition is well aligned with our strategy of investing in high-quality retail assets across several European countries. Our strategy aims to build a portfolio focused on retail assets, characterised by high occupancy, a diversified tenant base and a complementary mix of retail and leisure offerings, with the aim of generating attractive income. Planned improvements will also enable us to enhance the asset’s environmental performance and support its long-term value.”

On the transaction, AEW Europe received advisory support from Fabregat Perulles Sales, JLL, Zaga and DAIE. The vendor was advised by RPE, Cushman & Wakefield and Linklaters.