AXA Investment Managers – Real Assets has acquired two phases of the Marina Living residential development in Barcelona for €77m (£68.4m).
The 216-bed site, acquired by way of forward purchase from Stoneweg, is due for completion in 2021 and will include more than 9,200 sq ft of retail space.
The seven-floor scheme also includes a swimming pool and playground. Stoneweg will continue as the project’s developer.
Hermann Montenegro, local team head, Iberia and Italy, at AXA IM – Real Assets, said: “This ambitious project will deliver significant new supplies of high-quality residential stock to the Catalonian market, which is characterised by compelling supply demand drivers.”
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