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Axiare Acquires an Office Unit in Madrid For €31 Mn

14/11/2014 – Expansion

Newly listed Spanish REIT (or a Socimi as they are known in this country) Axia Real Estate (now Axiare) has bought an office building situated at 7 Manuel de Falla in Madrid for €31 million.

As soon as the rehabilitation works are completed (probably in March 2016), the property will become a part of the buyer’s portfolio.

The deal was formalized through a down payment of €12 million, fully disembursed from Axiare’s own funds.

The building has a total built area of 6.500 square meters and apart a parking lot with 40 spaces, all designed by the Arquitectura Allende Arquitectos architect’s office. Gleeds Ibérica will advise Axiare on supervision of the refurbishment works.

In opinion of the general director of the Socimi, Luis Lopez Herrera-Oria, the deal was an exceptional opportunity in terms of purchasing offices in downtown Madrid. Acquisition of this building and of another one located at 15 Fernando el Santo street proves the firm bet the company placed on the city center.

During the four months which passed since its listing, Axiare has invested a more than €236 million amount, representing 65.5% of its IPO funds.

 

Original article: Expansión

Translation: AURA REE