Stoneweg announces that it has sold phase II and III the Marina Living residential development in Badalona, Spain, for €77 million to AXA Investment Managers – Real Assets.
The project is due to complete in 2021 and Stoneweg will continue to act as the project’s developer.
This 28,000 sqm scheme will comprise 216 residential units, made up of two, three and four bedroom apartments for the rental market, along with 860 sqm of retail space and generous parking provisions. Spread over seven floors, amenities will include landscaped private gardens, a swimming pool and children’s playground.
The site is located in a prime seafront location in the borough of Badalona, located north of Barcelona’s city center. Badalona has benefitted from high volumes of investment and regeneration in recent years, and now presents a highly sought after residential offering on account of its strong transport links, short distance from the city’s international airport, and its proximity to Barcelona’s commercial and historical hubs.
Joaquín Castellví, Partner at Stoneweg, said: “We are very pleased to carry out this project in partnership with AXA IM-Real Assets. Marina Living will be developed to the highest quality, and will provide increased housing supplies to Badalona, which is an area experiencing very high demand given its proximity to and good connections with Barcelona. In addition, the development of all four phases of this scheme, delivering more than 400 homes will make a substantial contribution to the dynamic sea front area of the city.”