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.