AXA Investment Managers-Real Assets has completed the acquisition of an 850 unit Spanish residential portfolio, from Goldman Sachs and B Capital, for around €170m.
AXA IM-RA said it acquired the 65,000sqm portfolio on behalf of clients.
The portfolio comprises 28 residential buildings which are located primarily within or close to the city centres of Madrid and Barcelona.
AXA IM-RA said although the portfolio is of excellent state of use and almost fully let, the company is planning a number of asset management initiatives intended to create further value.
These include specific actions in order to further enhance the overall quality of the portfolio, it said.
Hermann Montenegro, the head of asset management and transactions in Spain at AXA IM-RA, said: “The acquisition of this high quality portfolio of residential assets reflects our firm belief in the residential markets in Madrid and Barcelona, where rental growth is beginning to gain momentum, and more widely where both demographic drivers and supply demand drivers are highly supportive.”