AXA Investment Managers - Real Assets has completed the sale of the Pullman Skipper Hotel in Barcelona to an unnamed Luxembourg fund.
Although financial details were not disclosed, it is understood that AXA IM - Real Assets had put the asset on the market earlier this year through CBRE for a price of 鈧�90 mln.
AXA had completed the acquisition of the hotel from Spanish developer Preyco in 2009, on behalf of one of its managed funds, and had since executed a significant asset management and re-positioning programme.
Located at the Olympic Harbor, the five-star hotel comprises 241 bedrooms and suites, various food & beverage outlets including pool & rooftop bar, buffet & a la carte restaurants, as well as 1,000 m2 of conference and meeting facilities.
AXA IM - Real Assets, which manages over 鈧�2 bn of hotels on behalf of clients, rebranded the hotel in 2009 after reaching an agreement with operator Accor Hotels.
'On acquiring this asset we had a clear value-creation strategy in place and it is with great satisfaction to now see this executed,' said Anne Kavanagh, global head of asset management & transactions at AXA IM - Real Assets. 'As one of the first movers back to Southern Europe real estate in 2008, Spain continues to represent a strategically important market for AXA IM - Real Assets and the size and success of this disposal provides us with impetus for our other Spanish investments.'
AXA IM - Real Assets has recently carried out a number of acquisitions in Spain and namely the purchase of a healthcare development site in Valencia and a number of banking assets spread across the country, adding to a portfolio totaling 鈧�1.57 bn at the end of March 2016. On the development front, recent projects include the Prado office complex in Madrid and the Fira office complex in Barcelona.
