AXA IM Alts divests Spanish real estate portfolio for €300m

Alternative investor AXA IM Alts sold a diversified Spanish real estate portfolio for €300 mln to a joint venture between IBA Capital Partners and Batipart Europe. 

Located in prime areas across key Spanish regions, the portfolio includes two office buildings, a logistics warehouse, and a parcel of industrial land, all in locations with high demand from tenants.
The portfolio's key asset is a prominent 60,000 m2 office complex at Ramírez de Prado 5 in Madrid, whose sale is a major Spanish office transaction. Key tenants include the Region and City Council of Madrid. The portfolio also includes a smaller, 6,000 m2 office property in Madrid's Ramirez de Arellano area.
The portfolio includes a functioning logistics facility of over 35,000 m2 in Barcelona, a major European logistics hub with access to key Mediterranean and Asian trade routes. Additionally, the portfolio contains a separate plot of industrial land in Barcelona with strong development potential.
John O’Driscoll, global co-head Real Estate at AXA IM Alts, commented: “Throughout our long-term ownership of the portfolio, the assets performed well, with our asset management teams driving performance and the sale culminating a strong result for our clients. This disposal aligns with AXA IM Alts’ broader strategy of actively managing and divesting assets where value has been realised, allowing us to redeploy capital into new opportunities with longer term growth potential in our conviction asset classes.”
According to AXA IM Alts, this portfolio sale, spanning both office and logistics properties, demonstrates continued investor faith in the underlying strength of the Spanish real estate market.