AXA Investment Managers – Real Assets (“AXA IM – Real Assets”), a global leader in real asset investments, announces that it has acquired, by way of a forward purchase agreement, two phases of the Marina Living residential development in Badalona, Spain, for €77 million. The vendor was Stoneweg, a swiss-based real estate developer active across Europe and the US, who will continue to act as the project’s developer.
The plot is located in a prime seafront location in the Barcelona suburb of Badalona. The 28,000m² scheme is due to be completed in 2021 and will comprise 216 residential units, made up of two, three and four bedroom apartments, along with 860m² of retail space and ample parking. Spread over seven floors, the residential complex’s amenities will include landscaped private gardens, a swimming pool and children’s playground.
The Greater Barcelona residential market is characterised by a shortage of high quality newly built residential stock for rent, whilst demand continues to rise. This transaction represents AXA IM – Real Assets’ third acquisition in the Spanish residential market over the past year and a half, following the 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.
Hermann Montenegro, Local Team Head, Iberica and Italy at AXA IM – Real Assets, commented: “This ambitious project will deliver significant new supplies of high-quality residential stock to the Catalonian market, which is characterised by compelling supply demand drivers. We are confident in the long-term return profile of this opportunity for our clients, thanks to the combination of our local market expertise and the project’s well-connected and desirable location that benefits from increasing occupier demand in line with local regeneration and supportive underlying market dynamics.”
Joaquín Castellví, Partner at Stoneweg, said: “We are very pleased to carry out this project in partnership with AXA IM-Real Assets. Marina Living will be developed to the highest quality, and will provide increased housing supplies to Badalona, which is an area experiencing very high demand given its proximity to and good connections with Barcelona. In addition, the development of all four phases of this scheme, delivering more than 400 homes will make a substantial contribution to the dynamic sea front area of the city.»