Transaction / Assets Seller Buyer € MM
Axiare Acquires Office Building In Madrid For €13M
29 January 2016 – Misoficinas.es
Axiare Patrimonio has completed the purchase of a new office building in Madrid. As a result, its portfolio of assets under management in Madrid and Barcelona now contains 17 buildings with a total surface area of 558,000 m2. The company has invested €13 million on the purchase of the property, which has a leasable surface area of 5,640 m2.
This new asset is located in the M30/A2 business park in Madrid, which the company regards as a strategic location; it already owns five other office buildings there. Axiare Patrimonio expects to see a strong recovery in the area, which is where the new headquarters of Banco Popular is currently being constructed. Meanwhile, 190,000 m2 of Axiare’s office portfolio is located in very established areas, and 38% of those assets are situated in the CBDs and main business districts of Madrid and Barcelona.
The newly acquired property, located on Calle Josefa Valcárcel, number 24, houses the Spanish headquarters of a US multinational technology company; the building has a 90% occupancy rate. It is a stand-alone building, comprising seven floors, each with an average surface area of 700 m2 – the ground floor has a surface area of almost 1,500 m2 – and 90 parking spaces.
Barbori Real Estate has participated in the transaction as the coordinator of the sale. Meanwhile, Axiare Patrimonio has received technical advice from the consultancy firm Homu Project and legal counsel from the law firm Gómez-Acebo & Pombo.
“We have a very active investment policy, in line with our business strategy. We are strengthening our commitment to the office segment, in a district that we consider is strategic for the generation of greater value for our shareholders”, said Luis López de Herrera-Oria, the CEO of Axiare Patrimonio. According to Axiare Patrimonio’s business plan, its investment objectives include: building a portfolio of assets, with a special emphasis on the office segment in the CBDs and main business districts of Madrid and Barcelona; and maximising their value through active management, with the aim of positioning them as the best assets in their respective areas of influence.
Original story: Misoficinas.es
Translation: Carmel Drake