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Axiare Wins 31 Million in Full Upturn Of The REITs

28 August 2015 – Cinco Días

The real estate company increases its portfolio after investing 806 million.

The Real Estate Investment Trust (REIT) Axiare Patrimonio has closed its first year in operation with a profit of 31.3 million euros.

The company, which went public in July 2014, ended the first half of 2015 with a net profit of 31.3 million (including 27.6 million of revaluation of assets) thanks to a portfolio that makes rental income of 18.7 million.

During the first semester of 2015, the company has acquired five new buildings, mainly for offices. Since its flotation, Axiare has invested 806 million in real estate assets. Among the investments of 2015 is an advance payment of 17 million euros for the purchase of an office building on the street Manuel de Falla, in Madrid, the acquisition price of which amounts to 31 million.

The REIT, that went public with the capital of 360 million, went to the market in June only to double in size and reach 395 million to keep buying assets. In the past two months Axiare has already invested 60% of the proceeds.

Only in July, the real estate has completed the purchase of an office building in Madrid,  two logistics warehouses in Les Puntes Constantí (Barcelona) and business premises in Velázquez (Madrid).

Moreover, the company has closed several financing agreements worth 264 million.

Among the shareholders of Axiare stand out international funds such as Perry Partners, with a 19.44% stake; Taube Hodson, with 9.98%; T. Rowe Price, with 9.78% and Citigroup, with 9.16%. Yesterday, in exchange, Axiare fell by 5% to 10,365 euros. Its market capitalization totals 745 million.

Original story: Expansión

Translation: Lee La