AXA signs 113,000m[sup]2[/sup] of leases in Spain

AXA Real Estate signed 68 leases in Spain on behalf of its clients in 2011, representing a total of 113,350 m² of space across its Spanish portfolio. This marks an increase of around 90% on 2010, when 60,855 m² of space was let across 42 leases. Of the 68 lettings in 2011, 23 were new and 45 renewals and extensions.

AXA Real Estate manages about 200 assets with a total of 615,000 m² of lettable area in Spain on behalf of 11 funds and separate accounts.

Of the 23 new lettings, offices accounted for 2,594 m² across six leases while 8,113 m² across 17 leases was for retail. Logistics was by far the largest sector accounting for renewals and extensions.

'We expect to undertake similar levels of leasing activity in 2012 and, at the same time we are keen to acquire large properties in prime locations where we can identify an opportunity to add value,' Hermann Montenegro, local asset management head said in a statement.

AXA Real Estate is looking to 'create core, institutional quality product' from properties seen as more risky because they need new tenants or refurbishment, Montenegro said.

AXA Real Estate had over EUR 42 bn of assets under management at end-2011.