AXA Real Estate has invested €114m in two assets in Italy and Spain for a French OPCI vehicle it manages.

The investment manager said it bought in Madrid and Rome for the AXA Selectiv’ Immo OPCI vehicle.

AXA bought a 50% stake in the Gran Via 37 retail asset in Madrid in a joint venture with a French pension fund that has given AXA REIM an investment mandate.

The company also bought the Via Paolo di Dono 223 office asset in Rome, a fully let 16,580sqm property.

The asset underwent a €10m upgrade in 2009.

In Madrid, Gran Via 37 is fully let on a long lease to H&M.

The acquisitions are AXA Selectiv’ Immo’s third in the last 12 months outside France.

The OPCI is buying office, retail, logistics, hotels and healthcare assets across Europe.

Nathalie Charles, AXA Real Estate regional head of asset management and transactions for Southern Europe, said the investment manager had been a “first mover” back into Southern European markets in mid-2013.