AXA Investment Managers - Real Assets (AXA IMRA) has purchased two phases of a key residential development in Barcelona from the project's developer, Stoneweg, for €77 mln.
Due to complete in 2021, the two phases of the Marina Living scheme will comprise 216 residential units covering 28,000 m2, with a communal swimming pool and childrens' playground. The two, three and four bedroom apartments are spread over seven floors, while the site enjoys a prime seafront location in Badalona, bordering commercial district 22@.
'This ambitious project will deliver significant new supplies of high-quality residential stock to the Catalonian market, which is characterised by compelling supply demand drivers,' said Hermann Montenegro, local team head, Iberica and Italy at AXA IMRA.
'We are confident in the long-term return profile of this opportunity for our clients, thanks to the combination of our local market expertise and the project’s well-connected and desirable location that benefits from increasing occupier demand in line with local regeneration and supportive underlying market dynamics,' Montenegro added.
The transaction represents AXA IM - Real Assets’ third large investment to the Spanish residential market over the past year and a half, coming shortly after its forward funding of a 135-unit residential development in central Madrid.
Joaquín Castellví, partner at Stoneweg, said: 'We are very pleased to carry out this project in partnership with AXA IMRA. Marina Living will be developed to the highest quality, and will provide increased housing supplies to Badalona, which is an area experiencing very high demand given its proximity to and good connections with Barcelona.
'In addition, the development of all four phases of this scheme, delivering more than 400 homes, will make a substantial contribution to the dynamic seafront area of the city.'
