Madrid, 28 September, 2015 – Axiare Patrimonio continues to forge ahead with its investment plan and has expanded its property portfolio in Madrid. Today, the SOCIMI (Spanish equivalent of a REIT) announces the completion of the acquisition of an EUR 88 million rental property portfolio comprised of three office properties and a retail park, thereby adding a combined total of 47,000 sqm of gross lettable area (GLA) to its existing property portfolio. The properties are located in specific areas to the north and north east of Madrid, which the Company believes are strategic for its business plan, due to their strong potential value uplift. The investment already provides a healthy return for Axiare Patrimonio, as the retail park is 100 per cent let and the office complex is 70 per cent let. With these three office properties that comprise more than 25,600 sqm GLA and 757 parking spaces, the Company has bolstered its position in the Arroyo de la Vega office district, the urban M30-A2 area and Campo de las Naciones. Axiare Patrimonio holds a large amount of its investments close to Madrid’s city centre, where it owns 11 office properties. Among the tenants, we would note Indra that occupies 100 per cent of one of the properties. The retail park, named Las Mercedes Open Park, comprises three retail warehouses and features 21,100 sqm of GLA and 540 parking spaces. The retail park – which will open at the start of October – is located next to the Plenilunio shopping centre, beside the A-2 highway. This asset is 100 per cent occupied and its anchor tenants are Aldi supermarkets and Bauhaus (a DIY chain that has only recently entered the Spanish market, which also lets another retail warehouse owned by Axiare Patrimonio in Catalonia). Axiare Patrimonio’s CEO Luis López de Herrera-Oria said, “this is a balanced portfolio with a good long-term income stream from tenants with good covenant strengths, such as Indra, Bauhaus and Aldi – and assets that have strong potential value uplift, located in areas of Madrid that we consider to be highly strategic”. Advisors on the deal The deal was coordinated by Aguirre Newman. Ontier was the legal advisor on the sell-side and Axiare Patrimonio was advised by the law firm Gómez-Acebo y Pombo. The consultancies Gleeds and Unen carried out the technical due diligence for the properties.
About Axiare Patrimonio:
Axiare Patrimonio is a Spanish company that listed on the Madrid Stock Exchange as a SOCIMI (Sociedad Anónima Cotizada de Inversión Inmobiliaria), on 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 that have the potential to be – 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). To date, Axiare Patrimonio has invested EUR 805 million and has a 550,000 sqm property portfolio, comprised of 73% prime offices in Madrid and Barcelona, 18% logistics platforms and 9% other commercial properties, such as shopping centres and retail warehouses.