Ric Lewis’ reversal of a decision to leave AEW Europe must have come as a relief to investors in the funds. Lewis will step down as chief investment officer but will remain a senior portfolio manager for the funds.
In December 2007, Lewis told Reuters that he wanted to be “the guy standing next to Jesus because once they get new religion I want to be the guy helping them out, and that doesn’t mean taking advantage of them, sometimes it means we’re going to joint venture them, we’re going to put new equity in and grow it from a real basis.”
The comments came at a time when AEW launched its €600m-€800m EPI Special Opportunities II fund. At the beginning of the year, AEW Europe bought a UK distribution facility for the fund. The 62,500 m2 Kent shed, the Bridge, was acquired for €68m at a yield of around 8%.
AEW Europe is looking across Europe, but sees most value in the UK, where real estate prices have fallen the fastest during the current downturn.
