AXA IM Alts has been granted planning approval to deliver a circa 44,000m² affordable housing development in the Tetuán district of Madrid. This significant milestone follows the acquisition of the site, on behalf of clients, in December 2019.
On completion, expected in Q4 2024, the scheme will comprise 540 high-quality apartments across two 24-storey properties, alongside an array of amenities including landscaped gardens, a swimming pool and shared community facilities. In line with AXA IM Alts’ responsible investment approach, the project is targeting high sustainability standards and certifications.
Located in the heart of Madrid, just a ten-minute walk from the Tetuán metro station in the city’s Central Business District, the scheme will benefit from strong city-wide transport links via nearby stations providing access to two Lines of Madrid’s metro system, as well as three bus routes serviced via a station directly adjacent to the site. The Tetuán district of Madrid has undergone a significant transformation over the past 15 years, benefiting from major investment which has brought a host of new hotels, restaurants, retail and leisure facilities.
Esther Escapa, Head of Transactions and Developments Iberia at AXA IM Alts commented: “Similar to many leading European capital cities, Madrid presents an acute undersupply of affordable accommodation, particularly within the desirable central areas. Upon delivery, this asset will be the only sizeable and brand-new affordable scheme for let within the M-30 ring road and presents an opportunity to significantly increase the city’s housing provisions whilst contributing to the broader regeneration of the Tetuán district. AXA IM Alts will be able to leverage its deep experience in residential asset classes to ensure the delivery of a sustainable scheme which provides high-quality apartments alongside a rare amenity offer and is expected to be met with strong demand.”
