Le mie ricette per la real estate communityAXA Investment Managers – Real Assets announces that it has completed, on behalf of clients, the forward purchase of a 919-unit affordable housing for rent portfolio in the Madrid region of Spain for €150 million. The portfolio’s vendors are Tectum Real Estate, a dedicated build to rent company, and Locare Real Estate, a development company with extended expertise in affordable housing.
The portfolio is spread across seven different assets which are at various stages of their development processes, with one asset already complete and fully occupied, three currently under construction and the remaining three due to imminently commence having already obtained building permits. Due to be delivered between 2020 and 2022, each asset will be transferred to AXA IM – Real Assets upon completion and fully leased. All the units in the portfolio, which will be one of the largest portfolios of affordable housing to be built in Spain, will be offered under the Madrid Community official protected housing regime, which supports the provision of housing at affordable rental levels to eligible citizens that meet specific criteria.
Each asset will comprise a mix of one, two and three-bedroom apartments, all purpose-built for the rental market and to a high specification. Tenants will have access to a range of amenities including an on-site concierge, swimming pools, children play areas, private storage units and resident parking. All seven assets are located in consolidated residential areas presenting high demand for affordable housing in the greater Madrid region and benefit from strong transport infrastructure, with easy access to the city’s main ring roads and public transport network.
This transaction adds to AXA IM – Real Assets’ Iberian residential portfolio, which will now comprise of 2,700 apartments located across Madrid, Barcelona and Lisbon. The acquisition forms part of AXA IM – Real Assets’ wider long term strategy on behalf of clients to invest into residential asset classes which it believes are supported by strong demographic drivers, and adds to its c. €20 billion portfolio of residential assets under management spread across 15 countries.
Source : AXA Investment Managers – Real Assets