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Five Funds Invest Jointly €247 Mn in Axia

27/06/2014 – Expansion

Real Estate Investment Trust (or Socimi by its acronym in Spanish) Axia Real Estate will eventually debut on the continuous stock market on July 9th.

The new vehicle driven by ex-executive of Testa and Alza Real Estate, Luis López de Herrera-Oria, will start trading with a €400 million raised at its initial public offering of 40 million shares sold at 10 Euros each.

Axia has already got commitments for €247 million subscribed by huge institutional investors. Precisely, US hedge fund Perry Capital will take the seat at the managing board with 25% of the stake.

Tabue Hodson Stonex (THS), T Rowe Price, Gruss Capital Management and Pelham Capital will act as anchor investors grabbing 62% of the whole subscribtion. JB Capital Markets and Citigroup are the underwriting banks, whereas Gómez Acebo & Pombo, White & Case and Linklaters perform the functions of the legal advisors.

Axia, born without assets in possession, is going to focus its activity on offices (to make 70% of the entire portfolio), logistics (20%) and commercial real estate (10%) situated principally in Madrid and Barcelona.

Original article: Expansión (by Rocío Ruiz)

Translation: AURA REE