Already holders of €18 billion ($22.3 billion) in European real estate, AEW Europe is looking to add to its cache to the tune of $5 billion during the next three years, and expects to spend $4 billion of that by the end of 2015.

“We will use a dual strategy focused on long-term investments in the U.K., France and Germany with a more tactical approach to other peripheral markets such as Spain, Italy and Central Europe,” says Rob Wilkinson, CEO of the firm.

Wilkinson says AEW is particularly interested in assets outside of central London as well as under-managed retail in Germany’s secondary cities. The firm expects to spread the full $5 billion across the major property types, and will invest in at least €1 billion ($1.24 billion) in logistics. It will use a long-term buy-and-hold core strategy and a build-to-core strategy for its value-add and opportunistic plays.

Wilkinson says AEW is not being deterred by slow growth in the euro zone — despite proj