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Sareb Sells Madrid Office Block To Axiare For €51M

17 June 2015 – Cinco Días

Sareb has sold six of the seven floors of an office building in Madrid to the Socimi Axiare Patrimonio, which thereby takes ownership of the majority of the building, located on the corner of Padilla and Velázquez.

The transaction has been closed for €51 million and represents Axiare’s first investment since it finalised its recent capital increase for €395 million. The purchase of this office block increases the Socimi’s total asset portfolio to €613 million, of which 73% is invested in office buildings.

According to Sareb, the building “has a surface area of 10,700 m2, spread over seven floors (above ground) and 85 parking spaces”. The profitability of the building is underpinned by its high occupancy rate.

Specifically, the office building has an occupancy rate of 92%; it houses tenants such as the Spanish consultancy N+1 and the US firm Westinghouse.

“The transaction represents a significant milestone for Sareb in the divestment of tertiary assets”, said the bad bank, which highlights that it comes after the sale of properties by the FAB Corona at the end of last year.

In recent months, the company has sold more than 50,000 m2 of office space in the capital, worth more than €130 million.

Original story: Cinco Días (by J. P. C.)

Translation: Carmel Drake