diff --git a/target/arm/cpu.c b/target/arm/cpu.c
index f32317ec7c..ae866be11a 100644
--- a/target/arm/cpu.c
+++ b/target/arm/cpu.c
@@ -843,22 +843,21 @@ static void arm_cpu_realizefn(DeviceState *dev, Error **errp)
     init_cpreg_list(cpu);
 
 #ifndef CONFIG_USER_ONLY
-    if (cpu->has_el3) {
-        cs->num_ases = 2;
-    } else {
-        cs->num_ases = 1;
-    }
-
-    if (cpu->has_el3) {
+    if (cpu->has_el3 || arm_feature(env, ARM_FEATURE_M_SECURITY)) {
         AddressSpace *as;
 
+        cs->num_ases = 2;
+
         if (!cpu->secure_memory) {
             cpu->secure_memory = cs->memory;
         }
         as = address_space_init_shareable(cpu->secure_memory,
                                           "cpu-secure-memory");
         cpu_address_space_init(cs, as, ARMASIdx_S);
+    } else {
+        cs->num_ases = 1;
     }
+
     cpu_address_space_init(cs,
                            address_space_init_shareable(cs->memory,
                                                         "cpu-memory"),