Europe is planning a β¬750m follow-on real estate debt fund.
RaphaΓ«l Brault, head of separate accounts and funds, said the investment manager would continue to select opportunities for the pan-European vehicle.
Its first vehicle, launched in 2012 as a senior debt fund, was managed by AEW Europe and Natixis Asset Managementβs fixed income business.
The Senior European Loan Fund (SELF) fund, which attracted β¬323m of capital, originated loans and bought existing debt secured against office, retail and logistics properties in France, Germany and the UK.
Brault said AEW had not ruled out lending in peripheral Europe, with its follow-on fund potentially lending up to 30% of its capital there.
βSpain still commands a premium, but on a risk/return basis, it may not be the best option,β he said.
βIf we think the opportunity is no longer there, we will abstain.β
The manager has appointed Cyril Hoyaux from France as head of debt funds management in Europe.
Hoyaux, who has also worked for Morgan Stanley, will be based in Paris.
Rob Wilkinson, chief executive at AEW Europe, said there was still βclear appetiteβ from the managerβs clients, attracted by the yields available, βparticularly when compared with those from other forms of credit such as corporate bonds and Giltsβ.
