Axiare Acquires 12,000 m2 Office Building In Barcelona For €19.5M

27 March 2017 – Observatorio Inmobiliario

Axiare Patrimonio has closed its first purchase following the capital increase announced in March. The Socimi has invested €19.5 million in the acquisition of an office building that has a GLA of 12,000 m2 and more than 400 parking spaces. The building, which was constructed recently, comprises several floors measuring 2,500 m2 each, as well as an auditorium with capacity for 200 people. According to the Socimi, the building will generate annual rental income of €1.25 million over the next two years.

The asset is located on Avenida Can Fatjó dels Aurons in Sant Cugat, Barcelona. Sant Cugat is a strategic area for offices in Barcelona, with direct connections to the C-16 and AP-7 motorways and a 5-minute walk from the Sant Joan train station. The area is home to many institutional owners including Mapfre, Axa, Catalana Occidente, Banco Sabadell and Merlin and tenants of the calibre of Hewlett-Packard, TVE, Deutsche Bank, Banco Sabadell, Mapfre, Nespresso and Gas Natural. Sant Cugat has been extremely sought after by tenants is recent times and currently has one of the highest occupancy rates in Barcelona.

The CEO of Axiare Patrimonio, Luis López de Herrera Oria states that “we have purchased a magnificent office building for a price that is 27% below its repositioning cost and with a great potential to increase in value”.

Following this operation, during the first three months of 2017, Axiare Patrimonio has invested €157.9 million on the purchase of four tertiary-use properties, with a combined surface area of 46,354 m2 and almost 1,300 parking spaces. This property formed part of the pipeline announced by the Socimi when it presented its annual results for 2016 on 27 February.

For this operation, Axiare Patrimonio has been advised by EY, BNP Paribas Real Estate and Estrada & Partners.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

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