Invests EUR 49 million in two office buildings in Campo de las Naciones
- Axiare Patrimonio adds 17,587 sqm of Grade A lettable area and 381 parking spaces to its property portfolio
- The twin office buildings are located in the Cristalia Business Park (Parque Empresarial Cristalia), where the company already acquired two other office buildings in February
- With this acquisition and those in the pipeline, the company has reached the maximum investment potential available from the proceeds obtained from its IPO, and is now awaiting the completion of its share capital increase
Madrid, 25 May – The Socimi Axiare Patrimonio has completed the acquisition of an office complex in Madrid, comprised of two identical office buildings, brokered by BNP Paribas, for a price of EUR 49 million. With this investment the company adds 17,587 sqm of prime gross lettable area (GLA), to its commercial property portfolio –comprised of approximately 72% offices located in the main business districts of Madrid and Barcelona- which now stands at 430,203 sqm GLA.
The high-spec Grade A twin office buildings form part of the same complex in the Cristalia Business Park within the Campo de las Naciones business district, where the company already owns two other buildings, acquired in February. The new property comprises two identical office buildings, both of which are arranged over seven floors; they have an average open-plan floor space of 1,465 sqm and a combined total of 381 underground car parking spaces. The asset benefits from an occupancy rate of close to 80% and its tenants include companies such as the engineering consultancy Alten Solution España and the Danish multinational Novo Nordisk Pharma.
In order to complete the transaction, Axiare Patrimonio received legal advisory services from the law firm Gómez-Acebo y Pombo, while Aguirre Newman carried out the technical due diligence.
This new acquisition demonstrates Axiare Patrimonio’s commitment to invest in the business districts that it believes will see value uplift and greater rental growth, as demand begins to pick up in Madrid and Barcelona. The company’s objective is to create a portfolio comprised of the best office properties in each one of its sub-markets, and maximise the operating efficiency and yield of the properties via improved active management.
“The acquisition of these twin Class A office buildings in Campo de las Naciones, strengthens our position in one of the locations in Madrid that we consider to be key for the value uplift of our property portfolio,” indicated Luis López de Herrera-Oria, CEO of Axiare Patrimonio.
With this latest acquisition, and those in the pipeline, the company has virtually achieved the maximum investment potential available from the proceeds obtained from its IPO on 9 July 2014. Axiare Patrimonio expects to carry out new investments, which are currently in the due diligence phase and under analysis, which it plans to complete after carrying out a share capital increase, the pre-emptive subscription rights of which began to trade on 20 May.
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 9 July 2014 (MC: Axia). 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 a high 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.
To date, the company has completed 12 investment transactions valued at EUR 528 million, via which it has acquired 20 income-producing properties with a total lettable area of 430,203 sqm. Axiare Patrimonio’s property portfolio is comprised of 72% Grade A offices, 18% logistics platforms and 10% retail assets.
Axiare Patrimonio is a member of EPRA (European Public Real Estate Association).