AX Partnersa real estate investment manager based in Barcelona and Luxembourg, has sold the emblematic building located in the number 438 Diagonal avenue in Barcelona to a Spanish heritage company. The amount of the transaction has not been disclosed, although the firm has reported that it exceeds the average return of its investment vehicles.
The manager purchased the property in the second quarter of 2023 “following its investment strategy value addwith the aim of rehabilitating and revaluing the 8 apartments that this historic building houses”, as reported in a statement.
According to the founding partner of AX Partners, Aleix Recasensthe operation “has meant the revaluation of a declining asset to a new, fully repositioned and profitable hotel asset.”
Hotel purchase
On the other hand, the company has announced that it will invest 80 million in the acquisition of three hotels in the coming months in Sitges (Barcelona), Costa Brava (Girona) and Ibiza (Balearic Islands).
Founded in 2018, AX Partners manages more than €150 million in assets. The firm focuses on high-end residential and hotel projects standing with double-digit returns in terms of between one and three years, with a target IRR that ranges between 15% and 20%.
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