Madrid, August 27, 2015. Reaching one year of business operation, the SOCIMI Axiare Patrimonio has released the consolidated financial statements for the first half of 2015. The results show a very positive performance in all variables including an IFRS EBIT of EUR 32.6 million and net profit of EUR 31.3 million.
From January to June rental revenue amounted to EUR 18.7 million, derived from a portfolio comprised of 21 assets with an average occupancy rate of 90.9% and an average gross yield on cost of 6.8%.
The market value of its property portfolio determined by CBRE Valuation Advisory at June 30th, according to RICS standards, reflects an 11% increase over the acquisition price of the properties, since the company began operations in July 2014.
The company’s total investment to date amounts to EUR 806 million, comprising 550,506 sqm GLA (Gross Leasable Area). The majority of its property portfolio, 72%, consists of prime offices located in CBD and the most established business districts in Madrid and Barcelona. Part of these investments will be completed in September upon the formalisation of acquisitions agreed upon in July, already announced to the Spanish Stock Market Commission (CNMV).
The company’s logistics portfolio accounts for 16% of its portfolio and is located on key Spanish distribution hubs, primarily in Madrid and Catalonia, with high quality tenants such as Kellog’s, Alcampo, Kuehne&Nagel, or Carrefour.
Given the intense investment activity, in June the company turned to the markets to carry out a fully subscribed capital increase, thereby doubling its share capital. Following this liquidity event and within only two months, Axiare Patrimonio has already invested nearly 60% of the funds obtained through this capital increase, and plans to accomplish new investments in the coming months.
In addition with the financial agreements signed to date, the total debt funding obtained by Axiare Patrimonio amounts to EUR 264 million. These are bilateral agreements with an average maturity of nine years and structures with a high bullet component. The company will soon enter into new financing agreements to further boost its investment capacity.
Luis López de Herrera-Oria, CEO of Axiare Patrimonio, says, “We thank our shareholders for the support and continuous confidence, both when the company was first created, a year ago, and on its recent share capital increase. This trust allows us to continue investing, building a high-quality portfolio to keep on creating value for our shareholders.”