The acquisition provides guaranteed income and 100% occupancy until 2026, and brings the portfolio size to over 1.3 billion euros.
• Axiare completes the acquisition of the property let to PSA (Peugeot Citroën) in Las Tablas, for EUR 41.5 million. The office building, located on Calle Puerto de Somport 8 in Madrid, features a gross lettable area (GLA) of 9,280 sqm and 370 parking spaces.
• With this transaction, Axiare Patrimonio has ensured a continued rental stream until 2026 from a top-tier tenant.
• The property is located in Las Tablas (Madrid), close to the global headquarters of BBVA, Telefónica and the Spanish headquarters of Philips, in a go-to area for corporate headquarters.
Madrid, 23 January 2017. Axiare Patrimonio has kicked off 2017 with the closing of a new acquisition. The Socimi headed up by Luis López de Herrera-Oria has completed the off-market acquisition of an office building located in Madrid, let to the PSA Group (Peugeot Citroën), for EUR 41.5 million; a new addition that takes the value of its property portfolio to over EUR 1,300 million. PSA Peugeot Citroën will continue to let 100% of the property, with a compulsory term until September 2026.
This prime office property, which was delivered in 2011, is located at Calle Puerto de Somport, 8, in Las Tablas, Madrid. This fast-paced business area set alongside the A-1 motorway includes a high number of both national and international corporate headquarters, including among others, BBVA, Telefónica, Philips, Renault, Abbott, Técnicas Reunidas, BMW and Porsche.
The building features a gross lettable area (GLA) of 9,280 sqm and 306 indoor and 64 outdoor parking spaces and benefits from excellent access to the A-1 motorway and the M-30 and M-40 ring roads.
Luis López de Herrera-Oria, CEO of Axiare Patrimonio confirmed: “We have acquired this property based on its excellent location, quality and prestige. The property is located in Las Tablas, in a highly consolidated area, where there are a high number of corporate headquarters. López de Herrera-Oria added: “This is the natural expansion area from the centre of Madrid, which is growing extremely quickly”.
Axiare Patrimonio, which will soon present its 2016 results, currently boasts a property portfolio valued at in excess of EUR 1,300 million. 73% of this portfolio comprises office assets, of which almost 45% are located in the CBDs of Madrid and Barcelona; 17% are logistics warehouses in key locations; and the remaining 10% are retail warehouses with high visitor footfalls.
Axiare Patrimonio was advised by EY on the legal side, by CBRE on the technical and by Cushman & Wakefield and CBRE on the commercial side.
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 with strong potential value uplift 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 – in order to maximise its quality, occupancy and value and transform the properties in to the leading schemes in their catchment area. Axiare Patrimonio’s investment activity is focused on the acquisition of Grade A office buildings – or that have the potential to be – in the CBD and the most sought after business districts in Madrid