According to the Spanish Real Estate, the portfolio in question adds up to 65,000 m2 and 28 high-quality residential buildings, located mainly in the centers or near the Madrid and Barcelona centers, 14 of which were built after 2005.
After the purchase, AXA IM Real Assets plans several asset management initiatives to increase the value of these properties. Hermann Montenegro, Director of Asset and Transaction Management in Spain at AXA IM - Real Assets, said: "The acquisition of this portfolio of high quality residential assets reflects our firm belief in the residential markets in Madrid and Barcelona, where the growth of the rent is starting to gain a boost, and more broadly where both the demographic boosters and the drivers of supply/demand are very supportive,” said the same source.