Axa Real Estate Investment Managers has bought a sale and leaseback deal with one of the country’s largest supermarket operators. On behalf of its Alternative Property Income Venture (APIV), AXA has bought the portfolio of 28 stations, located across northern Spain, from Spanish retailer Eroski.
All the properties are subject to a 20-year lease and are located next to Eroski hypermarkets shopping centres or retail parks. The deal brings APIV’s investment to 80.3%, and its portfolio has a gross asset value of Financing for the deal came from a consortium of four Spanish banks, led by Caixa, and also including BBVA, Banesto and Banco Santander.
Daniel Bowden, AXA fund manager, said: ’investments across Europe, as we look to deploy the remainder of the venture’s equity, and arekeen to expand AXA Real Estate’s activities in the alternative real estate sector.”€55m portfolio of Spanish petrol stations in a€600m.’We have identified a strong pipeline of potential APIV was launched in September 2007 and is a Luxembourg pan-European closed-ended real estate investment fund for pan-European institutional investors.
AXA was advised by MJ Group International.