Axiare’s Profits Rose By 156% In Q1 2017 To €13.1M

12 May 2017 – Expansión

The listed real estate investment company (Socimi) Axiare Patrimonio recorded a net profit of €13.1 million during the first quarter of 2017, up by 156% compared to the same period last year, according to a statement filed yesterday by the company with the CNMV.

Revenues from gross rental income grew by 36%, to €13.4 million. In comparable terms, rentals grew by 4.9%.

So far this year, the Socimi has signed new lease contracts covering a surface area of 93,400 m2: 16,200 m2 relating to offices and 77,200 m2 to logistics facilities, which represents a new record.

At the end of the first quarter, the occupancy rate of Axiare’s portfolio amounted to 92.6%.

During the first quarter, Axiare signed new lease contracts for offices covering a surface area of 4,485m2, which also represents a new record.

In the logistics segment, it signed two new contracts, covering a surface area of 26,165 m2, whereby increasing the occupancy rate of the segment to 97%. Moreover, lease contracts were renegotiated for 23,456 m2 of space.

Since the end of the first quarter, Axiare has signed lease contracts for offices and logistics facilities spanning more than 63,000 m2.

So far this year, Axiare has invested €157.9 million on the purchase of four properties, to take its real estate portfolio to a record figure of more than €1,500 million.

Offices

75% of Axiare’s portfolio comprises offices, whilst 16% corresponds to logistics assets and 9% to other assets, primarily retail parks.

In addition to the €93 million raised in March through a capital increase, Axiare has obtained bank financing amounting to €119 million, whereby benefitting from the current low-interest rate environment.

According to the Socimi, with these funds, the company plans to continue with its policy of investing in real estate assets with strong potential for generating value.

Original story: Expansión

Translation: Carmel Drake

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