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Sunday, February 5, 2023
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Garrigues steers Axa´s €285m RE acquisition from Blackstone

Garrigues has advised Axa on its acquisition of a potfolio of more than 700 rental units from Blackstone for €285 million, the largest transaction of stabilised residential in Spain

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Blackstone has closed the sale of an important residential portfolio, comprising more than 700 rental units to Axa. According to market sources, the transaction has been valued at €285 million.

Within the portfolio, the most noteworthy asset is the Los Altos de Méndez Álvaro residential complex, located at Calle Mezquite 2-4, in the centre of Madrid, and one of the most sought-after areas of the city.

This sale includes 258 homes, 258 storage rooms attached to the homes, 299 parking spaces and 12 commercial premises, which represents the partial sale of the complex, as Blackstone was not the owner of the entire building.

In addition to this building, the properties located in Alameda de Osuna, Boadilla, Sanchinarro, Majadahonda and San Sebastián de los Reyes, have also been part of the deal. All of them were managed by Testa Homes, the company it created in early 2020 to manage the rental housing portfolio of its socimis Testa and Fidere.

Built between 2004 and 2008 and spanning a surface area of around 67,000 square meters, the portfolio is divided into six residential assets, comprising 740 units for rent, most of which have been renovated recently.

Garrigues advised Axa with a team including Tax partner and member of the Real Estate industry group Gonzalo Rincón de Pablo and associate Jimena López Simón.

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