AXA Investment Managers – Real Assets 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 ($170 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 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 when it is complete 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 offi
