AXA IM acquires affordable housing in Spain

AXA Investment has acquired a portfolio of 919 affordable rent homes in Madrid from Tectum Real Estate and Locare Real Estate for €150m. The portfolio spans seven different assets, with one asset complete and occupied, three under construction and three due to begin imminently and due to complete by 2022. It is one of the largest portfolios of affordable housing in Spain. The assets comprise a mix of one, two and three-bedrom flats with onsite facilities including concierges, swimming pools, play areas, private storage units and resident parking. The acquisition brings AXA IM’s Iberian portfolio to 2,700 flats across Madrid, Barcelona and Lisbon. Esther Escapa, head of transactions and development (Spain & Portugal) at AXA IM – Real Assets, said: “This transaction provides us with a unique opportunity to support the provision of much needed, high quality yet affordable housing in the Madrid region, a market which has historically had low levels of such suitable stock.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette