AXA IM Alts has partnered with listed Spanish residential developer Neinor Homes to buy a site in Madrid for a €110m project.

The site, located between Madrid’s northern districts of Puerto de Hierro and Mirasierra, has planning consent for 240 apartments across two 17-storey buildings. The build-to-sell scheme is due for completion by 2027

Esther Escapa, head of real estate transactions and development in Iberia at AXA IM Alts, said: “Long-term demographic and economic trends in Madrid point to continued resilient demand for new homes, while the supply of high-quality new units is acutely limited.

“This transaction presents an attractive opportunity to address Madrid’s shortage of sustainable, modern build-to-sell accommodation. Partnering with Neinor Homes to leverage our combined investment and development expertise, our joint venture will deliver a high-quality project which caters to demand from Madrid’s young professionals and families for new amenity-led housing in the city’s well-connected northern districts.”

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