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Axiare purchases two office buildings for 49 million

26 May 2015 – Expansión

Axiare has acquired a complex of two office buildings in the Cristalia business district, located within the Campo de las Naciones in Madrid, for 49 million.

The deal includes two buildings with the same characteristics that have a total gross leasable area (GLA) of 17,587 m2 on seven stories above ground and 381 shared underground parking spaces, as disclosed by the real estate investment company to the National Commission Securities Market (CNMV, its acronym in Spanish).

Among the tenants of both buildings are companies like the engineering consultancy Alten Solution España and the Danish multinational Novo Nordisk Pharma. The real estate company has two other properties in the business district of Campo de las Naciones, acquired back in February.

The investment deal was conducted with the participation of BNP Paribas. Axiare Patrimonio has received advice from the law firm Gómez-Acebo & Pombo as well as the Aguirre Newman real estate consultancy.

Since its IPO on July 9, 2014, the company has closed 12 investment deals worth 528 million euros, thus acquiring 20 assets that total 430,203 square meters for rent.

The property portfolio of Axiare Patrimonio consists of 72% office space, 18% logistic platforms, and 10% of other business assets.

Recently, Axiare launched a capital increase campaign by issuing 35,868,988 new shares with preemptive rights at a nominal value of 10 euros, plus 1 euro per share premium, driving the issuing price to 11 euros per share.

This operation will double the equity capital of the company through a maximum increase of EUR 395 million and will allow it to embark on new investments.

Original story: Expansión

Translation: James Leahu