Axiare Patrimonio adds 17,000 sqm of office space and 115,000 sqm of logistics space to its high-yield property portfolio.
Via these four transactions Axiare Patrimonio has acquired a total of six properties: one is an office property to let and the remainder are logistics centres. The Socimi is actively working on completing various transactions which, in line with its investment policy, will then form part of its prime Spanish property portfolio.
The office property is located in the business area of the A-1 motorway, between Madrid and Alcobendas in Arroyo de la Vega, where a large number of the city’s company headquarters are located and benefits from a lettable area of more than 17,000 sqm. In addition, Axiare Patrimonio has completed three logistics transactions, which total more than 115,000 sqm of lettable space.
These acquisitions comprise the purchase of a portfolio of two warehouses located on the industrial corridor between Madrid-Barcelona and another in Seville and a further two acquisitions of three recently constructed logistics warehouses also located on the highway between Madrid-Barcelona. All of the logistics properties are 100% let and have tenants on long-term leases. The properties acquired by Axiare Patrimonio are located in highly established areas and have very good upside potential, thanks to their excellent services, transport links and access, which help to ensure that rental levels will remain stable over the coming years.
According to Luis López de Herrera-Oria, CEO of Axiare Patrimonio, “we are extremely pleased with the transactions that we have recently completed and committed to negotiating various other new investment opportunities. We believe that the company is very well positioned in order to capitalise on the extraordinary commercial property opportunities currently available in the Spanish real estate sector.
CBRE and Cushman & Wakefield acted as real estate advisers on the transactions, whilst PWC acted as technical advisor and legal advice was provided by the law firm Gómez-Acebo & Pombo.