This is the fourth acquisition closed in 2017 and takes the total volume invested so far this year to almost EUR158 million

  • Axiare Patrimonio invests EUR 19.5 million in a prime office building which comprises a total GLA of 12,000 sqm and has more than 400 parking spaces.
  • The recently built asset is located in Sant Cugat, one of the areas that has become highly sought-after by tenants during the past 12 months, and that currently boasts one of the highest occupancy rates in Barcelona. The asset is located close to the headquarters of Hewlett-Packard, TVE, Deutsche Bank, Banco Sabadell, Mapfre, Nespresso and Gas Natural.
  • Following this off-market transaction, the Socimi starts investing the funds raised from the last share capital increase to acquire one of the properties that was included in the pipeline outlined during the results presentation.

Madrid, 24 March 2017. Axiare Patrimonio has completed its first acquisition following the share capital increase completed in March. The Socimi has invested EUR 19.5 million in acquiring an office building comprising a GLA of 12,000 sqm and over 400 parking spaces. The property features 2,500 sqm floor plates, as well as an auditorium with capacity to hold up to 200 people. The building will provide annual rents of EUR 1.25 million for the next two years.

The acquired property is located on Avenida Can Fatjó dels Aurons in Sant Cugat del Vallés, Barcelona. Sant Cugat is a strategic office submarket which benefits from excellent communication via the C-16 and AP-7 highways and is located 5 minutes’ walk from Sant Joan Station. The area boasts institutional owners such as Mapfre, Axa, Catalana Occidente, Banco Sabadell and Merlin. Sant Cugat has become highly sought-after by tenants during the past 12 months and currently boasts one of the highest occupancy rates in Barcelona.

Luis López de Herrera Oria, CEO of Axiare noted that “this first acquisition completed with funds raised from the last share capital increase, is a clear sign of the Company’s commitment to reinvesting in the business in order to continue creating value for its shareholders”. López de Herrera Oria added that “we have purchased a magnificent office building 27% below its replacement cost which provides us with very strong value uplift potential”.

By signing this latest deal and just three months into 2017, Axiare Patrimonio has now invested EUR 157.9 million in acquiring four commercial properties, totalling 46,354 sqm and almost 1,300 parking spaces. This property is one of the buildings included in the pipeline that was outlined during the results presentation in February.

In this transaction Axiare Patrimonio was advised by EY, BNP Real Estate and Estrada & Partners.