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Thursday, February 22, 2024

Garrigues guides AXA´s 119m Real Estate acquisition

Garrigues has advised Axa on its acquisition of a residential complex for €119 million from Fidere (Blackstone) in Madrid

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Blackstone´s Fidere Patrimonio SOCIMI´s subsidiary, Fidere Vivienda 4, has transferred to ACEF Spain Propco, a company wholly owned by “AXA CoRE Europe Fund S.C.S., SICAV-SIF”, 258 homes, 258 storage rooms attached to the dwellings, 299 parking spaces and 12 commercial premises located in the residential complex “Los Altos de Méndez Álvaro”, located at calle Mezquite 2-4, Madrid, which has been transferred only partially, because some of the residential units comprising the aforementioned residential complex did not belong to Fidere Vivienda 4 and, therefore, continue to be owned by their corresponding owners.

The purchase price amounts €119,167,000.

The sold properties have between one and three bedrooms and newly refurbished communal areas, and were rented. After their transfer was formalised, however, they are no longer available for rent.

This building is part of the portfolio of buildings that the real estate investment vehicle put up for sale at the end of last year through Testa Homes, the company that Blackstone created at the beginning of 2020 to manage the rental housing portfolio of its SOCIMIS Testa and Fidere, which included six buildings spread across different parts of the Community of Madrid (Alameda de Osuna, Méndez Álvaro, Boadilla, Sanchinarro, Majadahonda and San Sebastián de los Reyes). This is the second sale carried out by Blackstone in just one month.

Garrigues advised Axa on the acquisition with a team formed by partner and head of the firm´s Real Estate practice Héctor Muñoz Guijosa, Tax partner and member of the Real Estate industry group Gonzalo Rincón de Pablo, together with Real Estate senior associate Blanca Jiménez Aparicio and Tax senior associate Guillermo Avilés Suárez.

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