Axiare Sells its First Building for €30M

20 December 2017 – El Economista

Axiare Patrimonio has sold the building located at number 15 on Calle Fernando El Santo in Madrid to a domestic investor for €30 million. The company had held this asset in its portfolio for three years, as required by the law governing Socimis.

According to a statement issued by the firm on Wednesday, the sales price represents an increase of 82% with respect to the acquisition price and a 5% increase compared to the most recent valuation, dated June 2017.

This prime property, which houses the headquarters of the Argentinian Embassy and Consulate is located next to the current residence of the Argentinian ambassador to Spain.

The building’s façade dates back to the era of its construction and the property comprises six storeys, with a total surface area of 3,254 m2 and 42 underground parking spaces.

The CEO of Axiare Patrimonio, Luis López de Herrera-Oria, said that his company’s first divestment “represents a clear success story for Axiare Patrimonio. Moreover, the sales price is further evidence that the market values our active management strategy very highly”.

Original story: El Economista

Translation: Carmel Drake