Mon, 03/12/2012 - 16:04
The Alternative Property Income Venture (APIV), advised by AXA Real Estate, has sold four petrol stations from the portfolio of 28 petrol stations in northern Spain that it acquired in May 2011 in a EUR55m off-market sale and leaseback transaction with Eroski, one of Spain’s leading supermarket and food store retailers.
The petrol stations, which are located in Jaca, Navia, Santander and Tudela, have been sold to a number of local purchasers for a total consideration of EUR3m, representing an average non-annualised, gross real estate returns of 27.7 per cent, with the lowest net initial yield being 6.9 per cent.
The proceeds of the sale have be used by AXA Real Estate to further reduce APIV’s low levels of debt and to provide enhanced distributions to the Venture’s investors. While further opportunistic sales from the Eroski portfolio will be considered, AXA Real Estate intends to hold the majority of the petrol stations long term on APIV’s behalf, in order to capitalise on the highly visible income returns they provide.
All 28 of the petrol stations originally acquired by APIV were subject to a 20-year triple-net lease with Eroski at the time of purchase and are well located, adjoining an Eroski hypermarket, consolidated shopping centre or retail park. Geographically they are situated in eight different regions in northern Spain, which is Eroski’s traditional base, where they benefit from strong brand loyalty.
APIV was launched in September 2007 and now forms part of AXA Real Estate’s alternative real estate business line, which was launched in October 2012 to consolidate AXA Real Estate’s expertise in this sector. The alternative real estate business line is headed by Dan Bowden, APIV’s fund manager, and has been established in response to increasing investor demand for products targeting assets such as healthcare, student accommodation and more diverse assets such as police stations.
AXA Real Estate aims to double its alternative assets under management to EUR1.5bn over the next three years through new third party mandates and by launching a second pooled investment vehicle.
Bowden says: “The sale of these four assets from the portfolio we acquired last year highlights the returns available from investing in the alternative assets classes such as petrol stations. Our aim is to hold the bulk of this portfolio long term in order to capitalise on the highly attractive income returns it affords, but we will consider further opportunistic sales that allow us to enhance returns to APIV’s investors.”
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