AXA IM Alts has secured planning permission to deliver a 44,000 sq m (circa 473,612 sq ft) affordable housing development in the Tetuán district of Madrid.
The site, which was acquired by AXA IM Alts on behalf of clients in December 2019, will comprise around 540 apartments across two 24-storey properties, alongside amenities including landscaped gardens, a swimming pool and shared community facilities. Completion is expected in Q4 2024.
Esther Escapa, head of transactions and developments Iberia at AXA IM Alts, said: “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.”
