- Axiare Patrimonio becomes the first real estate company in Spain to be regulated by RICS, the world’s leading professional body for qualifications and standards in the real estate and construction sector.
- The decision to regulate the company under the RICS professional and ethical standards provides an additional level of assurance for market confidence, investors and the remainder of its stakeholders.
- Axiare Patrimonio’s management team operates under the strictest international professional and ethical standards for the real estate sector.
Madrid, 11 July 2017. Axiare Patrimonio is now the first real estate company in Spain to be accredited by the Royal Institution of Chartered Surveyors (RICS), the world’s leading professional body for qualifications and standards in the real estate and construction sector, which ensures quality and trust for professionals in the sector.
With over 75% of its management team RICS-accredited, the Socimi has decided to go one step further in its commitment to excellence, transparency and professional integrity, incorporating the international RICS regulatory framework and corporate code of conduct into its management model. It thereby agrees to comply with the requirements set out by RICS in relation to continuing professional development, procedures and guarantees in terms of its portfolio management.
Founded almost 150 years ago, RICS is the world’s leading organisation in terms of professional and ethical standards. As well as defining and setting out the strictest international professional standards – including the Red Book which is the most widely-applied set of regulations for real estate valuations on the market – it accredits experts throughout the world in line with its self-regulation model for technical and ethical standards, guaranteeing their competence and good professional praxis, via continuing professional development and assessment. Its ultimate aim is to maintain the market’s confidence in companies, safeguard the interests of the general public and shareholders, as well as the reputation of the real estate profession.
According to Eduardo Fernández-Cuesta, Chairman of RICS Spain: “The recovery of the Spanish real estate market is underway, and has undoubtedly been led by real estate investment companies in these initial years. As one of the leading listed companies, Axiare Patrimonio’s decision to become a RICS accredited company is a necessary step forward in the drive to assure market professionalism and trust”.
Luay Al-Khatib, RICS Director of Regulation in EMEA confirmed: “We are proud to have Axiare Patrimonio Regulated by RICS. Axiare Patrimonio is the first quoted real estate investor in the Iberian Peninsula to achieve such status. Transparency and consistency in real estate and construction services is vital to environmental, social and economic welfare. By choosing to be RICS Regulated, Axiare Patrimonio are demonstrating their commitment to RICS’ internationally respected professional and technical standards”.
Luis López de Herrera-Oria, CEO of Axiare Patrimonio and honorary RICS member, indicated that “Axiare Patrimonio is the first RICS-regulated real estate company in Spain; this landmark event in our company’s history demonstrates the steadfast commitment of our management team to professional excellence and integrity with regard to the market and our main stakeholders: tenants, collaborators, and especially our investors”.
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), 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 – in order to maximise its quality, occupancy and value and transform the properties in to the leading schemes in their catchment area. 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; logistics platforms on the main distribution highways and retail schemes in established areas in Spain. Axiare Patrimonio forms part of EPRA (European Public Real Estate Association) and is the first rental property portfolio company to be regulated by RICS in Spain.
As well as defining and setting out the highest international professional standards, RICS aims to lead the way in terms of identifying solutions to the main challenges faced by the sector through professional expertise.
RICS is a global professional body. We promote and enforce the highest professional qualification and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve. The work of our professionals creates a safer world: we are proud of our profession’s reputation and we guard it fiercely.