Madrid, March 31 – Today, the Socimi Axiare announced the acquisition of two office properties in Madrid for a total of €40.5 million. This transaction adds 14,362 sqm of Gross Lettable Area (GLA) to the Company’s property portfolio, which is comprised of approximately 70% offices located in Madrid and Barcelona’s CBD’s and business districts, equating to more than 402,000 sqm (GLA).
These acquisitions continue on with the investment and active property management policy that Axiare has in place for Class A office properties, or that have the potential to be, and located in highly consolidated urban areas, which the market believes will seen strong upside value appreciation in the coming years.
According to Luis López Herrera-Oria, CEO of the Company, “these two acquisitions reiterate Axiare’s commitment to value creation, with Edificio Tucumán being an excellent example of potential value appreciation via rental uplift and Edificio Luca de Tena, an example of active management and future repositioning.”
Axiare has acquired the office property Edificio Tucumán for €23.5 million, which is located at Glorieta del Mar Caribe, 1 in Campo de las Naciones. The property comprises an area of 6,328 sqm GLA, arranged over five floors, as well as two below ground floors with 170 parking spaces and is fully let to the company Aegis Media and Grupo Sigla that occupies the retail units.
This transaction was brokered off-market by Aguirre Newman, whilst Axiare was advised by the legal firm Gómez-Acebo y Pombo and Gleeds Ibérica who carried out the due diligence and the technical aspects of the transaction.
Edificio Luca de Tena:
The second property, which was acquired for €17 million, is an office building located at Calle Juan Ignacio Luca de Tena 14, Madrid, which adjoins Banco Popular’s future finance city and is next to a retail area that is in the process of being developed. The property comprises an area of 8,034 sqm GLA, arranged over five floors and features 195 parking spaces on three below ground floors.
According to the company, Edificio Luca de Tena will be an example of repositioning in one of Madrid’s most strategic office areas, in front of Banco Popular’s future headquarters.
Axiare has developed an improvement plan in order update the image of the property and its efficiency and sustainability, which will comprise the remodelling of its façade and common areas, as well as gaining environmental certification.
For this transaction, Axiare received technical advisory services from Aguirre Newman and legal advice from Gómez-Acebo y Pombo, whilst JLL had the sole sales agency mandate for the property.
Axiare is a Spanish company that listed on the Madrid Stock Exchange as a SOCIMI (Sociedad Anónima Cotizada de Inversión Inmobiliaria), on July 9, 2014 (MC: Axia). Its primary activity is the identification of investment opportunities in the Spanish real estate market and the creation of a prime property portfolio that provides a high yield for its shareholders.
The company’s value creation strategy is based on the active management of its portfolio, carried out by an expert team solely dedicated to this task and the repositioning of its property portfolio. Axiare’s investment activity is focused on the acquisition of Class A office buildings or that have the potential to be, in the city centres and most sought after business districts in Madrid and Barcelona, logistics platforms on the main distribution highways and retail space in established areas in Spain.
Since its IPO, the company has completed 9 investment transactions valued at €464 million, via which it acquired 18 income-producing properties with a total area of more than 402,000 sqm. Axiare’s property portfolio is comprised of 70% Class A offices, 20% logistics platforms and 10% retail warehouses and shopping centres. Axiare is a member of EPRA (European Public Real Estate Association).