Transaction / Assets Seller Buyer € MM
Axiare Buys McKinsey & Co’s HQ In Madrid For €41.8M
24 November 2016 – Inmodiario
The Socimi led by Luis López de Herrera-Oria has completed the acquisition of McKinsey & Co’s headquarters in Spain, involving an investment of €41.8 million. This is one of the properties that Axiare Patrimonio had included in its pipeline, according to an announcement made by the firm on 15 November. The acquisition has been completed in an off-market operation, in line with the Socimi’s strategy to purchase assets at competitive prices and with strong potential for appreciation in value.
The historical property, which has been converted into offices, has a gross leasable area (GLA) of 7,054 m2 and 93 parking spaces. It is located in the Calle Almagro area of Madrid, close to the offices of Cuatrecasa Gonçalves y Pereira, Ramón y Cajal, Linklaters and the headquarters of Innovación de BBVA.
Luis López de Herrera-Oria, CEO of Axiare Patrimonio, said: “With the purchase of this property, Axiare Patrimonio continues to push ahead with the fulfilment of its business plan and approaches the end of 2016 with a strong outlook”. López de Herrera-Oria added: “The unique building, located in the Plaza de Alonso Martínez, fulfils all of our pre-requisites: it is a prime product, located in the capital’s financial centre and it has great potential to create value. (…).
So far this year, Axiare Patrimonio has signed 24 lease contracts covering a GLA of more than 100,000 m2. (…). The Socimi now owns real estate assets worth €1,100 million, with great potential to generate value: it forecasts that its rental income will increase by 77% over the next year and a half, from its current level of €42 million per annum to €76 million by 2018. (…).
For this transaction, Axiare Patrimonio has been advised by EY (legal), PwC (technical) and Cushman & Wakefield (commercial). The seller has been advised by Tenigla Real Estate and Aiga Investments.
Original story: Inmodiario
Translation: Carmel Drake