- With this transaction the company is adding 15,745 sqm to its commercial portfolio boasting attractive returns.
- The retail park, close to the city of Almería, has a large catchment area of more than 385,000 residents and limited competition.
- In line with the company’s investment strategy, the portfolio breakdown stands at 72% offices, 14% logistics platforms and 14% other commercial assets, mainly retail warehouses.
Madrid, 18 April 2016. Axiare Patrimonio has completed the acquisition of four retail warehouses for €20 million, adding 15,745 sqm with attractive returns to its portfolio. The asset is fully leased to Decathlon, Carrefour, Bricomart and Kiabi, well established multinational retailers.
The new asset is strategically located in the Viapark retail park, between Almería and Roquetas del Mar, and has excellent visibility and easy access from the A7 (Autovía del Mediterráneo). It has a large catchment area that includes a population of approximately 385,000 residents that significantly increases during the holiday season. The return on this acquisition is highly attractive from the outset, and higher than the average for this type of transactions.
The asset has extremely high-quality construction quality standards, and boasts a design that fully optimises the usable area. The newly acquired 15,745 sqm increase the gross lettable area (GLA) of Axiare Patrimonio’s portfolio to 579,000 sqm.
With this transaction Axiare Patrimonio has made investments valued at nearly €900 million, creating a portfolio of 31 assets in Spain’s commercial real estate sector. The company remains true to its investment strategy with a portfolio breakdown of 72% office buildings, 14% logistics platforms and 14% other commercial assets, mainly retail warehouses.
Solvia, a leading servicer company in the real estate sector, has managed in exclusivity the process for the seller. Axiare Patrimonio called upon Aguirre Newman as commercial advisor and Gómez-Acebo & Pombo, Malcolm Hollis and Cushman & Wakefield during the due diligence process.
“We are reinforcing Axiare Patrimonio’s presence in retail warehouses while continuing to focus our strategy on office space. With this transaction we are bringing very attractive returns from top-tier tenants to the portfolio,” said Luis López Herrera-Oria, CEO of the company.
According to the company’s business plan, Axiare Patrimonio’s investment objective focuses on building a high-quality asset portfolio through disciplined investments and active asset management. Axiare Patrimonio aims at maximising the assets’ value, and in return that of its shareholders.
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) (MC:AXIA), 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 – improving the quality, occupancy and transforming the properties in to leading schemes in their catchment areas. 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 and Barcelona; on logistics platforms on the main distribution highways and on retail schemes with high footfall potential.
Axiare Patrimonio is a member of EPRA (European Public Real Estate Association).
For more information please contact:
Axiare Patrimonio Press Office:
Juan Antonio Francés
Phone: +34 91 576 52 50 / + 34 679 962 382
Axiare Patrimonio Investor Relations:
Phone:+34 91 431 93 17