AXA Real Estate completes acquisition of 381 Santander banking assets for €308 mln (ES)

AXA Real Estate Investment Managers, the leading real estate portfolio and asset manager in Europe, announces that it has completed, on behalf of a joint venture between two of its institutional clients, the acquisition of 381 banking assets across Spain for €308 mln. The portfolio has been acquired from a third party investor, URO Property Holdings.
The 381 assets located throughout Spain total 90,000 m² and are fully let on 24-26 year leases to Santander, the largest banking company within the country. Predominantly situated in the five major cities of Andalucia, Cataluna, Castilla y Leon, Pais Vasco and Madrid, the remaining assets are in prime locations within the smaller municipal cities.
Having been a first mover back into Spain in mid-2013 through the acquisition of a Barcelona office portfolio from Generalitat de Catalunya for €172 mln, AXA Real Estate has continued to source and acquire within the Spanish real estate market, notably through the acquisition of the Gran Via retail asset in Madrid last year by a 50/50 joint venture between two clients. AXA Real Estate is also able to execute complex investment opportunities on behalf of clients by leveraging its strong network of local teams.
Hermann Montenegro, Head of Asset Management & Transactions, Spain, at AXA Real Estate, commented: “This latest acquisition underpins AXA Real Estate’s conviction in the Spanish real estate market, having purchased what we believe to be a portfolio offering significant value let on a long lease to Santander. As further testament to AXA Real Estate’s ability to utilise its local teams, the portfolio spans the entire country, providing our clients with exposure in both the major cities, as well as the regions.
Source: FTI Consulting