Axiare’s Net Profit Rose By 145% To €91.3M In YTD Sept16

15 November 2016 – Expansión

Axiare has closed the first nine months of the year with a net profit of €91.3 million, up by 145% compared with the same period in 2015.

The Socimi, in which Colonial holds a stake, generated revenues from rental income of €30.5 million during the third quarter of the year, up by 22.5%, thanks to its “strategy involving the active management of its property portfolio”.

During the first nine months of the year, the company has signed 22 new contracts and renegotiated the rental agreements for a gross leasable area (GLA) of more than 91,000 m2.

The value of Axiare’s asset portfolio exceeded €1,000 million as at June 2016, which represents a 25% increase over its acquisition price. By type of asset, 68% of the portfolio’s value corresponds to the office sector; 19% to logistics assets; and 13% to retail.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake