Madrid, March 4, 2015 – The Socimi Axiare Patrimonio recently signed lease agreements for two logistics warehouses in its property portfolio, with a combined gross lettable area (GLA) of 41,000 sqm. The company reached a rental agreement with the company Kellogg for the 26,000 sqm (GLA) logistics warehouse located in the Valls industrial estate, which is next to one of the multinational’s production centres. In order to negotiate the agreement, Axiare Patrimonio was advised by Estrada & Partners and Cushman & Wakefield acted on behalf of Kellogg. Axiare Patrimonio also completed the extension of the lease agreement with the logistics company Deco Pharma, which up until that point only partially occupied the warehouse located in San Agustín de Guadalix and has now taken 100% of the warehouse space: 14,945 sqm GLA.
These two agreements, imply an annual income of more than €1 million for Axiare and increase the occupancy rate for the logistics properties in its portfolio to 96.8%.
Axiare Patrimonio acquired the Valls and San Agustín de Guadalix logistics warehouses in an investment transaction completed in October 2014, which amounted to €35 million. This deal also included another logistics platform located in Camarma de Esteruelas (Madrid), which is currently fully let to the French company Auchan, which owns Alcampo hypermarkets.
In the words of Fernando Arenas, Axiare Patrimonio’s real estate director, “these two lettings are fully in line with our asset management policy, the main objectives of which are to maintain good long-term relationships with our tenants and be a source of sustainable value creation for our company’s shareholders”