Based on the valuation certificate issued by the real estate consultancy CBRE Valuation Advisory as at 31 December 2015. • Investor appetite, rents trending upwards and the composition of the company’s property portfolio, are drivers to the valuation increase. • The SOCIMI is actively managing its property portfolio, which has had a positive impact on the valuation of its assets. • The progress already made with the properties that Axiare Patrimonio is currently redeveloping, has already translated into a 13.3% increase in the value of these assets, as at 31 December 2015. Madrid, 2 February 2016 – Axiare Patrimonio, one of the leading real estate investment trusts or SOCIMIs listed on the Madrid Stock Exchange (MC: AXIA), has received the valuation certificate for its property portfolio, which shows that the portfolio has increased in value by 15.3%, against the acquisition price. The valuation has been carried out by the independent real estate consultancy CBRE Valuation Advisory under RICS (Royal Institution of Chartered Surveyors) valuation standards as at 31 December 2015. The value of the company’s property portfolio has now risen to EUR 859 million. This significant increase in value of the company’s assets is primarily due to three factors: investor appetite during 2015; the general increase in market rents, coupled with a property portfolio composition that allows the company to capitalise on this; and the professional active management carried out by Axiare Patrimonio’s management team which includes property redevelopment. The improved Spanish economy has led to a greater demand for office and logistics space, especially for Grade A product in consolidated areas of Madrid and Barcelona, which is also pushing prime rents upwards. The composition of Axiare Patrimonio’s portfolio –in terms of asset class breakdown, location, quality and weighted average lease conditions- is allowing the company to capitalise on rental improvements in the market. In addition, Axiare Patrimonio is actively managing its rental property portfolio, improving property occupancy and yields, and optimising their quality and sustainability. An example of this is the redevelopment of three office buildings in Madrid, which are currently held in vacant possession, in order to transform them in to Grade A product, with LEED environmental certification. These assets, which are currently works in progress, represent 11% of the portfolio as at 31 December and have already registered an increase of 13.3% in value prior to being marketed. Marketing is expected to begin in Q2 2016. The first property to come to the market will be Manuel de Falla. The office building, located in Madrid’s CBD, is one of the company’s flagship properties. “CBRE’s valuation confirms that our value-add strategy is sustainable for the shareholder, hence we will continue to work in the same direction” said Luis López de Herrera-Oria, CEO of Axiare Patrimonio. “We are currently carrying out redevelopment works in various properties and hope to see the positive results throughout 2016”. Axiare Patrimonio’s current portfolio – including the recent acquisition of an office building in Madrid- comprises a total of 558,000 square metres, spread over 29 properties. The portfolio breakdown per asset class in terms of value is: 73% offices, 15% logistics warehouses and 12% other commercial assets. Valuation by asset class As at the valuation date, the office segment of the portfolio registered a 13.1% increase in value on the acquisition price of the properties paid by the company. The properties located in Madrid’s CBD (Central Business District) –38% of the portfolio-, registered the highest value uplift of over 15%. Axiare Patrimonio’s other strategic asset class, logistics, enjoyed a 23% increase in value. The remaining retail portfolio recorded a 19.7% value enhancement. Portfolio comparison 2014-2015 Like-for-like, the 16 assets in the portfolio as at 31 December 2014, have increased in value by 11.8%. On an asset class breakdown, since December 2014, the company’s office portfolio increased in value by 11.3% on a like-for-like basis; the logistics segment of the portfolio increased by 15% and the remaining of the portfolio, comprised of retail assets has improved in value by 7.4%. Link to the Significant Information annuncement of the company which includes the financial facts and the Valuation Certificate.