• The yield on the assets acquired in this logistics portfolio, located in Madrid and Barcelona, stands at over 10%.
• In just three months, the company has invested €205 million in real estate assets, 56.9% of the funds raised from its stock market flotation.
Luis López de Herrera-Oria, CEO of the company, highlights that in just three months, Axiare Patrimonio has managed to comply with the vast majority of its objectives in its business plan and identify and complete a number of significant real estate transactions at below market value prices and at above average yields for the sector.
Axiare Patrimonio has acquired three logistics warehouses from Grupo LEG II Logistica for €35 million. The acquisition was carried out as part of bankruptcy proceedings launched by the mortgage loan titleholding bank, FMS Wertmanagement Service.
The portfolio is comprised of three high-quality modern logistics warehouses, located in strategic logistics areas in Madrid and Barcelona. The first of these properties is a warehouse located in the Parque Logístico Madrid – Este, in Camarma de Esteruelas (Madrid), which is fully let to Alcampo that uses the property as the food distribution group’s central logistics warehouse. It has a total gross lettable area (GLA) of 70,298 sqm. The second logistics property is located in Polígono Sur – A1, in Guadalix de la Sierra (Madrid). With a total gross lettable area (GLA) of 14,495 sqm. The warehouse is let to the pharmaceutical product distribution company Decopharma. Finally, the third property is located at Avenida del Polígono 5, in Valls (Tarragona) and has a total gross lettable area (GLA) of 26,026 sqm. The initial yield for these acquisitions stands at over 10%, which is much higher than the average for logistics property transactions. Gómez-Acebo y Pombo acted as the legal advisors to Axiare Patrimonio on the purchase of the logistics portfolio.
Luis López de Herrera-Oria, CEO of the company, pointed out that “in just three months, Axiare Patrimonio has managed to comply with the vast majority of the objectives set out in our business plan and as we announced to our investors on the first day that we began trading on the stock market. Over this time, we have been able to identify and complete a number of significant real estate transactions at below market value prices and at above average yields for the sector”.
Having carried out this transaction Axiare has invested almost €205 million since it opened for trading in July, which equates to 56.9% of the gross funds raised from our stock market flotation. “With this acquisition, Axiare has positioned itself as one of the most active investors in the Spanish real estate sector and I hope that our company will continue to contribute to the recovery of the market, as it has been doing up until now”, confirmed López de Herrera-Oria.
Over September, Axiare Patrimonio acquired a property portfolio from the Dutch fund Wereldhave, comprised of an office complex of four buildings, located at Calle Avenida de la Vega 15, another office building located at Calle Fernando El Santo 15 in Madrid and a logistics warehouse complex located on Calle Maríano Benlliure in Rivas-Vaciamadrid. These properties are in addition to the six properties acquired at the beginning of August for €70 million.