Madrid, 13 October 2015 – The SOCIMI Axiare Patrimonio continues to forge ahead with its investment plan and today announces the completion of the acquisition of a prime office building located in Madrid’s Salamanca neighbourhood. The property, acquired from Telefónica for EUR 32.75 million, is located at Calle Don Ramón de la Cruz nº 84, in Madrid’s central business district (CBD). It is the second property the company has acquired in this area so far this year, and now forms part of the portfolio of 15 office properties that it owns in Madrid.
The property comprises 9,271 sqm of Gross Lettable Area (GLA), arranged over an access floor and four open-plan floors of office space, with an average floor plate of 1,950 sqm; a free height of more than 3 metres and plenty of natural light. It also benefits from 91 underground parking spaces located on three lower ground floors.
“This transaction corroborates our commitment to Madrid’s CBD and its catchment area,” confirmed Axiare Patrimonio’s CEO, Luis López de Herrera-Oria. “This is a clear opportunity to create value uplift for our shareholders, thanks to the acquisition of an exceptional office building in a highly sought after area in the centre of Madrid”.
Aguirre Newman acted on behalf of the seller to broker the deal. Axiare Patrimonio received legal advisory services from the law firm Gómez-Acebo y Pombo and the real estate consultancy JLL carried out the due diligence.
Since starting to operate in July 2014, Axiare Patrimonio has invested more than EUR 800 million, thereby creating a property portfolio of 28 commercial properties in Spain, comprising more than 550,000 sqm GLA. Office properties represent 73% of the portfolio, accounting for more than 183,000 sqm lettable area, of which 40% are located in Madrid and Barcelona’s central business districts. The remainder of Axiare Patrimonio’s portfolio comprises logistics platforms (18%) and other commercial properties (9%) such as shopping centres and retail warehouses. As at 30 June, the company’s property portfolio grew in value by 11%, as detailed in the valuation certificate issued by the real estate consultancy CBRE Valuation Advisory and published with the Spanish Stock Market Commission (CNMV).
About Axiare Patrimonio:
Axiare Patrimonio is a Spanish company that has been listed on the Madrid Stock Exchange as a SOCIMI (Sociedad Anónima Cotizada de Inversión Inmobiliaria), since July 9, 2014. 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 an attractive 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 Patrimonio’s investment activity is focused on the acquisition of Grade A office buildings – or those that have the potential to be via its active management strategy – 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.
AXIARE Patrimonio is a member of EPRA (European Public Real Estate Association).