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Axiare Invests €173M In RE Assets In Madrid & Cataluña

11 August 2015 – Expansión

The Socimi Axiare has purchased eight real estate assets in Madrid and Cataluña for €173 million. That quantity represents 45% of the proceeds the company obtained from its recent capital increase.

Specifically, the company has purchased two office buildings in Madrid (one on Calle Ramírez de Arellano, 15 and the other on Calle Don Ramón de la Cruz, 82), a retail store located in the Velazquez building (central Madrid), a portfolio of four buildings also located in the capital, comprising three office buildings and a larger retail outlet, and two logistics warehouses in the Les Puntes industrial estate, in Constantí (Cataluña).

Axiare has invested €761 million in total in just one year. With this transaction, the Socimi adds 108,654 m2 of surface area to its portfolio and increases its gross leasable area to more than 550,000 m2.

Capital increase

The transaction announced yesterday involves the investment of 45% of the funds the Socimi obtained from its recent €395 million capital increase, in June, which was fully subscribed. The company doubled in size as a result of that increase.

Axiare has said that it plans to invest the remaining funds “in new acquisitions with the aim of continuing to increase its portfolio of high quality properties in established locations”.

Since its debut on the stock exchange, the Socimi has closed 18 transactions, acquiring 28 properties in total, with an investment value of €761 million.

Original story: Expansión

Translation: Carmel Drake