- The property, located on Calle Manuel de Falla, close to the Bernabeu football stadium, comprises 6,500 sqm of office space, as well as 40 parking spaces. It is currently undergoing a full refurbishment and once it has been renovated, will be Gold LEED environmentally certified.
- With this transaction Axiare Patrimonio will have invested more than €236 million, more than 65.5% of the funds raised from its flotation on the stock market, and cements its core commitment to incorporating Grade- A office properties in the centre of Madrid in to its portfolio.
Today Axiare Patrimonio has signed an agreement in which the company will become the owner of an office building, located on Calle Manuel de Falla; parallel to the Bernabeu football stadium, in the centre of Madrid. The property was purchased by the company for €31 million. The property, which is currently undergoing an ambitious refurbishment project, will form part of the company’s portfolio once works have been completed, which is scheduled for March 2016. The property, which has a total built area of 6,500 sqm and additional parking with capacity for 40 spaces, will benefit from the most exacting of building specifications and an innovative design carried out by the Architecture Firm Allende Arquitectos. The property will have Gold LEED certification. (Leadership in Energy & Environmental Design). Gleeds Ibérica will monitor the refurbishment for Axiare Patrimonio.
According to Luis López Herrera-Oria, CEO of the company, “this agreement represents a unique opportunity to acquire some excellent offices right in the heart of Madrid’s business district. This acquisition is in addition to the office building located at Fernando el Santo 15 and cements our commitment to the city centre.” He also assures that “it is extremely important to Axiare Patrimonio that this property holds LEED certification, as our business plan expects us to obtain environmental certifications for all of the office properties in our portfolio.”
CBRE and Cushman & Wakefield acted as retail advisers to Axiare Patrimonio on the transaction and Gómez Acebo & Pombo acted as their legal advisers.
In just four months since Axiare Patrimonio’s incorporation as a Socimi and its subsequent flotation on the Spanish Stock Exchange, the company has invested a combined total of more than €236 million, which equates to 65.5% of the funds raised. In the words of Luis López de Herrera-Oria, “with this transaction, we demonstrate Axiare Patrimonio’s ability to close highly competitive property transactions, at prices that are well below general market prices, on extremely attractive above-market yields, which makes Axiare Patrimonio’s investments truly unique”.
Since August, when Axiare Patrimonio acquired six properties, the company has maintained strong levels of investment activity. In September the company signed an agreement with the Dutch fund Wereldhave to acquire a property portfolio comprised of five office buildings, a logistics warehouse complex and a shopping centre. Finally, in October, the compay acquired three logistics warehouses located in Madrid and Barcelona from the LEG II Logística group, on a yield of more than 10%, which is much higher than the average for this type of logistics property.