AEW has secured a new €375m separate account investment mandate from Samsung SRA Asset Management, which it will use to acquire repriced European core and core plus assets over the course of 2023-24.
The investment mandate, which aims to take advantage of price corrections following recent interest rate rises, will see AEW primarily focus on offices and logistics assets, but it may consider BTR and PBSA opportunities, life science and other asset classes across Europe.
In terms of geography, AEW will target tier one and capital cities across Europe. It said the UK would be an ‘immediate priority’ as it has been the quickest to reprice, with Germany, Spain and France also target areas.
Tim Sankey, head of separate accounts in London at AEW, said: “To secure this significant investment mandate following a competitive process demonstrates our team’s ability to structure bespoke strategies that match our clients’ requirements and an endorsement of our strong track record of putting together co-investments.
“While we have already identified a number of investment and JV partners, we expect the broader macroeconomic conditions to lead to a further repricing of assets across Europe over the course of the year leading to additional opportunities as this phase of the cycle plays out.”
Rob Wilkinson, European CEO at AEW, added: “As markets continue to reprice, we will leverage our investment platform to secure opportunities across Europe that meet the mandate’s investment objectives. We are grateful for the trust that Samsung SRA have placed in AEW and look forward to building this partnership over the long term.”
