AXA Investment Managers – Real Assets (AXA IMRA) has bought a residential complex under development in central Madrid in a forward-funded purchase.
The 135-unit apartment block in the Mendez Alvaro area has been acquired from Acciona Inmobiliaria and is due to be completed in December 2020. The ten-storey scheme will include a swimming pool, gym and terrace area, as well as a number of properties built to cater for disabled tenants.
The location is close to the Retiro park and the Atocha station, while Madrid-Barajas Airport is just over 15 minutes away by car.
The acquisition forms part of AXA IMRA's strategy of investing in residential asset classes on behalf of its clients that are supported by strong demographic drivers. The global investment manager has €10 bn of residential assets under management spread across 10 countries.