The SOCIMI further strengthens its position in the office segment, which now accounts for 73% of its property portfolio.

  • With this deal, the company now has 17 office buildings within its 558,000 sqm property portfolio, all of which are located in highly consolidated areas of Madrid and Barcelona.
  • Axiare Patrimonio has bolstered its investment in a strategic office market for the company, while maintaining 38% of its office portfolio in Madrid and Barcelona’s central business districts.

Madrid, 28 January 2016 – Axiare Patrimonio, one of the leading Spanish listed real estate investment trusts or SOCIMI has acquired a new office building and now manages a property portfolio comprised of a total of 558,000 sqm in Madrid and Barcelona. The company invested EUR 13 million to acquire the property, which comprises 5,640 sqm of lettable area. With this deal, Axiare Patrimonio has further strengthened its position in the office segment, which now accounts for 73% of its rental portfolio.

This new property is located in the M30/A2 office market, which the company considers to be a strategic market and where it already owns five office buildings. Axiare Patrimonio expects this area to see a greater recovery and is also where the new Banco Popular headquarters is being constructed. Of the 190,000 sqm of office space in its portfolio, which are located in highly consolidated areas, 38% are located in Madrid and Barcelona’s central business districts (CBDs).

The recently acquired property, located at Calle Josefa Valcárcel 24, houses the Spanish headquarters of a multinational technology company and is 90% occupied. It is a free-standing building, arranged over seven floors, with average floor plates of 700 sqm -a ground floor with circa 1,500 sqm- and benefits from 90 parking spaces.

Barbori Real Estate coordinated the sale of the property. Axiare Patrimonio was advised by the consultancy firm Homu Project on the technical side and Gómez-Acebo & Pombo advised on the legal aspects.

“We continue to be highly active in the investment market, in line with our business strategy. We are bolstering our commitment to the office sector, in a location that we consider to be highly strategic, to generate greater value for our shareholders” confirmed Luis López de Herrera-Oria, CEO of Axiare Patrimonio.

As detailed in the company’s strategic plan, Axiare Patrimonio’s investment objective is focused on creating a property portfolio with a strong emphasis towards the office sector in Madrid and Barcelona’s CBDs and core business districts; and to maximise its value by actively managing the portfolio, in order to transform them in to the best properties in their catchment areas.