The portfolio acquired is comprised of extremely high-quality properties, in an excellent state of repair, located in the Community of Madrid. The portfolio comprises a total of 78,983 sqm of lettable space and 1,402 parking spaces, spread over three different property types: an office complex consisting of four buildings, located at Calle Avenida de la Vega, 15 (a highly established office area); another office building located at Calle Fernando El Santo 15, located in the heart of the CBD, just a few metres from the Paseo de la Castellana; a logistics warehouse complex located on Calle Maríano Benlliure in Rivas-Vaciamadrid, 20 minutes from the city centre; and the Planetocio Shopping Centre on Avda. Juan Carlos I in the Madrid town of Collado Villalba.
The properties are currently let, with an average occupancy rate of 85%, which ensures them a high yield in the medium to long-term. With this transaction, in just two months Axiare Patrimonio has invested close to €170 million, i.e. 47% of the gross funds raised from its stock market flotation on 09 July this year.
According to Luis López de Herrera-Oria, CEO of Axiare Patrimonio “this transaction is a significant milestone for our Socimi for three main reasons: firstly, because it is the first large transaction we have completed, secondly, because it perfectly meets our company’s investment strategy and thirdly, because it demonstrates the AAxiare Patrimonio team’s excellent work of building the Socimi from scratch. Our company will continue to work to position ourselves as one of the leading benchmarks in the Spanish real estate sector.
The agreement signed today between Axiare Patrimonio and Wereldhave also includes an earn out/profit share mechanism based on the future performance of the portfolio, the margins of which will be distributed between both parties, improving the levels of return for investors and minimising potential risks on the transaction.
CBRE and the law firm Garrigues advised Wereldhave on the transaction. Axiare Patrimonio was advised by Gómez Acebo & Pombo (Legal), CBRE (Agency) and RWA Arquitectos (Technical), in order to successfully complete the transaction.