AXA Investment Managers – Real
Assets ,a global leader in real
asset investments and the leading real estate portfolio and asset
manager in Europe, announces that it has acquired, by way of a forward
purchase agreement and on behalf of clients, two phases
of the Marina Living residential development in Badalona, Spain, for
€77 million. The site has been acquired from Stoneweg, a real estate
services and management company active across Europe and the US, who
will continue to act as the project’s developer.Due
to complete in 2021, the 28,000 sqm scheme will comprise 216
residential units, made up of two, three and four bedroom apartments for
the rental market, along with 860 sqm of retail space and generous
parking provisions. Spread over seven floors, amenities
will include landscaped private gardens, a swimming pool and children’s
playground, while each apartment will have its own external terrace and
residents will also have access to common storage areas.
The
site is located in a prime seafront location in the borough of
Badalona, to the
north of Barcelona’s city centre, and just a five minute walk from the
Sant Adriá tram station, which provides convenient access to surrounding
regions. Badalona has benefitted from high volumes of investment and
regeneration in recent years, and now presents
a highly sought after residential offering on account of its strong
transport links, short distance from the city’s international airport,
and its proximity to Barcelona’s commercial and historical hubs,
including the planned future development of Las Tres
Chimeneas. Additionally, the site borders 22@, Barcelona’s most dynamic
office and commercial area which hosts more than 100,000 employees,
while a number of ambitious office development projects remain underway,
as well as a new hospital, school, university,
hotels and an enhanced residential and leisure offering, all of which
is expected to increase the long-term appeal of Marina Living. Those
living in Badalona or working in the nearby 22@ will be prioritised for
residency, in order to increase Marina Living’s
long-term tenancy basis.
The
Barcelona residential market is characterised by a shortage of high
quality new build residential stock
for rent, whilst demand continues to rise. This 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. These transactions are consistent with AXA IM – Real
Assets’ wider strategy, on behalf of clients, to invest into
residential asset classes which it believes are supported by strong
demographic drivers, while they add to its c. €10.6 billion
portfolio of residential assets under management spread across 11
countries.
Source : Company
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