• The portfolio valuation was carried out by the real estate consultancy CBRE, in accordance with RICS valuation standards, based on net market value as at December 31, 2014.
Madrid, January 26, 2015 – Axiare Patrimonio has received the valuation report of its property portfolio, carried out by CBRE Valuation Advisory (CBRE). The market value of the company’s portfolio as detailed in the valuation report is €439 million
The 16 real estate transactions – with an acquisition price of €415 million – amounted to a total of €424 million, including purchase costs. In less than six months of the company being operational, Axiare Patrimonio’s property portfolio has risen in value, thereby covering these costs, which demonstrates the good acquisitions made by the company.
“Axiare Patrimonio’s strategy is based on building a prime property portfolio and its value added management, in order to improve yield and maximise returns for our shareholders,” said Luis López de Herrera-Oria, CEO of Axiare Patrimonio.
The property valuations, undertaken by the real estate consultancy CBRE, were carried out based on net market value at December 31, 2014, in accordance with the RICS (Royal Institution of Chartered Surveyors) professional standards, as detailed in the January 2014 version of the ‘RICS Red Book’.
Axiare Patrimonio’s portfolio is comprised of 68% offices (in Madrid and Barcelona), 22% logistics platforms in main strategic distribution hubs in Spain and 10% retail properties (retail warehouses and shopping centres).
In accordance with the CBRE valuations, this distribution is in line with the commitment detailed in the company’s IPO prospectus (70% offices, 20% logistics, 10% retail).
Go to Press Release 150126_PR_Axiare_Portfolio_Valuation_ 439_million_euro