AXA IM Alts has acquired a €285 mln residential portfolio in Madrid, Spain, from funds managed by Blackstone.
Constructed between 2004-2008 and comprising 67,000 m2 of space, the portfolio is spread across six modern residential assets, most of which have been recently refurbished, and offers a total of 740 units from studios to 5 bed apartments for the rental market.
The majority of assets feature shared common facilities including swimming pools, green spaces, a gym and a playground, while the total portfolio offers more than 950 resident parking spaces.
The portfolio is spread across the metropolitan area of Madrid in the desirable and highly populated neighbourhoods of Méndez Álvaro, Sanchinarro, Alameda de Osuna, San Sebastian de los Reyes, Boadilla and Majadahonda.
In line with AXA IM Alts’ global sustainability targets, the business intends to pursue a significant capex and asset management programme to optimise the portfolio and upgrade its ESG credentials.
This acquisition forms part of AXA IM Alts’ wider long-term strategy to invest into residential asset classes which it believes are supported by strong demographic drivers.
Esther Escapa, head of transactions - Iberia at AXA IM Alts, commented: 'This transaction presents a rare opportunity to acquire a prime residential portfolio in a highly competitive market characterised by strong demand. At the same time, it aligns well with our strategy of utilising our asset management expertise to add value, through upgrading the portfolio’s quality and sustainability credentials.'
