French insurer Axa has listed two Spanish REITs dedicated to long-term rental housing on the Paris Stock Exchange.
Aref Thalassa Socimi and Core Spain Socimi bring together the housing portfolio that Axa bought from Testa, the Blackstone Socimi, in April 2022 for €285 mln.
The portfolio consisted of 740 rental homes with a high occupancy rate.
Aref Thalassa Socimi has a portfolio valued at €167.4 mln, divided into 326 homes, 619 parking spaces and 335 storage rooms in five buildings located between Madrid, Boadilla del Monte, San Sebastián de los Reyes and Majadahonda.
Core Spain Socimi, on the other hand, has 258 homes, 299 parking spaces and 258 storage rooms in a single building located in the Madrid district of Méndez Álvaro, valued at €120.8 mln.
Both companies went public at the end of the year and were advised by Spanish firm Armanext and audited by PwC.
The French insurer said that it plans to retain ownership of the rental homes for the next decade.
Axa may also invest in new opportunities that coincide with its strategy, targeting assets in cities with high economic activity, mainly in the Community of Madrid.
