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The Socimi Axiare Invests €180 Mn in Five Buildings

11/12/2014 – Expansion

Socimi Axia Real Estate (Axiare), one of the Spanish REITs listed earlier this year, has just spent the remaining amount of the 360 million euros in funds raised at its flotation on July 5th. The trust bought four office buildings and a retail space for a joint amount of 180 million euros from Credit Suisse Asset Management Immobilien Kapitalangegesllschaft. ‘Credit Suisse had to sell the assets because the fund was set to be dissolved in 2015. First, the talks went on two or three assets, but finally the entire porftolio was transferred’, said Oriol Barrachina, CEO at Cushman & Wakefield España which served as a consultant at the operation.

The acquired properties totalling at more than 40.000 square meters of rentable space are found in Madrid (3) and in Barcelona (2). Among them, interesting are two office buildings inside the Cristalia business park in Madrid, leased to such big-name firms like corporate service provider Sodexo and logistics firm Chep Iberica. In Catalonia, apart from an office unit located at 197 Diagonal street inside the 22@ District in Barcelona, Axiare has bought a retail space of 12.413 square meters let to Bauhaus.


Following the purchase of the 5 units, the Socimi chaired by Luis Lopez de Herrera Oria has added new properties to its twelve-unit office portfolio with buildings situated in Madrid, Alcobendas and Barcelona, as well as several logistics warehouses in Seville and Guadalajara. In total, the REIT has spent 415 million euros on assets and additional 10 million on document processing and advisory services. As at its IPO Axiare raised only 360 million euros, it asked for support from banks at the deal. ‘We have consolidated our asset portfolio and we are analyzing various real estate investment opportunities for the following months’, said Lopez de Herrera Oria Tuesday.

Original story: Expansión (by R. Ruiz)

Translation: AURA REE