4 February 2016 – Expansión
According to the records of Spain’s CNMV, the Singapore Sovereign Fund has declared a 3.1% stake in the share capital of Axiare Patrimonio, worth around €26 million. As such, it joins the list of (high profile) funds that are backing the Socimi, which is led by Luis López de Herrera-Oria (pictured above, right).
Original story: Expansión
Translation: Carmel Drake
3 February 2016 – Expansión
Axiare Patrimonio’s portfolio of real estate assets is worth €858.8 million, which represents an increase of 15.3% compared to the purchase price of the assets contained therein, according to a report submitted by the Socimi yesterday (Tuesday) to Spain’s National Securities Market Commission (CNMV).
The valuation has been performed by the independent consultancy firm CBRE Valuation Advisory, in accordance with the RICS (Royal Institution of Chartered Surveyors) guidelines, as at 31 December 2015.
The firm attributes this “significant” increase in the value of its assets to: the investor appetite that has evolved during 2015; the increase in rents in the market in general; the composition of its portfolio, which allows it to benefit from this trend in rents; and the professionalisation of the active management of its team, which has included the remodelling of some of its buildings.
According to the Socimi, the improvement in the Spanish economy has resulted in an increase in demand for offices and logistics assets, especially for Class A products in established areas of Madrid and Barcelona, which in turn has produced, an upwards trend in rents for prime buildings.
“CBRE’s valuation confirms that our strategy of value creation is sustainable for our shareholders, and so we will continue working in the same vein”, said the CEO of Axiare Patrimonio, Luis López de Herrera-Oria. “We are now starting work on the remodelling of several buildings, the fruits of which will be seen during the course of 2016”, he added.
Axiare Patrimonio’s current portfolio, which includes its recent acquisition of an office building in Madrid, comprises 29 buildings with a total leasable surface area of 558,000 m2. By asset type, the portfolio contains offices (73%), logistics platforms (15%) and other commercial assets (12%).
As at the valuation date, the assets in the office segment had increased in value by 13.1% compared with their purchase value, with those buildings located in the CBD of Madrid – 38% of the portfolio – experiencing the greatest increase in value, up by more than 15%.
In terms of Axiare Patrimonio’s other strategic segment, logistics, those assets increased in value by almost 23% and the rest of the portfolio increased in value by 19.7%.
In similar comparative terms (i.e. like-for-like), the 16 assets that were in the portfolio as at 31 December 2014 had increased in value by 11.8% as at 31 December 2015.
By segment, the company’s like-for-like office portfolio increased in value by 11.3% during 2015; the like-for-like logistics segment of the portfolio increased by 15% and the rest of the portfolio, which comprises other commercial assets, increased by 7.4% in one year.
Original story: Expansión
Translation: Carmel Drake
14 October 2015 – Expansión
The Socimi Axiare Patrimonio has completed the purchase of a new office building. The Socimi has acquired the property located at number 84 on Calle Don Ramón de la Cruz, in the central business district of Madrid, from Telefónica.
The building, which has a surface area of 9,271 m2, is currently vacant, having housed various divisions of the Spanish telecommunications operator in recent years. As such, Axiare will have to look for a new tenant.
Axiare has paid €32.75 million for the property, which it will add to its growing portfolio of investments, amounting to more than €800 million since it first went public in July 2014.
The company invested the €360 million it raised from investors through its debut on the stock exchange in less than one year. And in June 2015, it closed a capital increase amounting to €395 million to finance the continuation of its purchases. Currently, its portfolio comprises 28 properties, with a combined surface area of more than 550,000 m2, of which the vast majority (73%) are office buildings, although it also owns logistics platforms and commercial assets.
Axiare, which made profits of €31.3 million during H1 2015, closed trading yesterday up 2.01%, taking its share price to €12.20. The company’s market capitalisation amounts to €876.9 million, having increased by 17.48% in one year.
The sale of the building by Telefónica forms part of the property divestment process that the operator is conducting for its non-strategic assets. Recent sales include two completed this summer involving properties in Madrid – one in the same street – Calle Don Ramón de la Cruz and the other in Plaza Santo Domingo, for €42 million.
In September, Telefónica also auctioned off five other buildings located in Madrid, Barcelona, Sevilla and Valencia. The group will continue to occupy all of the properties sold recently, with the exception of the latest one.
Original story: Expansión (by R. Ruiz)
Translation: Carmel Drake
24 September 2015 – El Confidencial
Axiare Patrimonio has obtained more financing to fulfil its business plan, increase its real estate portfolio and continue growing as a company. The Socimi has just closed a bilateral financing agreement with CaixaBank through which it will receive €30 million, which it will invest in the acquisition of new prime real estate assets allocated for tertiary use, primarily in Madrid and Barcelona.
The operation has a 15-year term and represents an LTV of 50%, in line with the objective set by the company and reported in its prospectus for the €395 million capital increase that it completed in June.
With this new agreement, the company has covered the financing plan forecast for the assets in the portfolio acquired before the capital increase and which represents funding of €294 million. During the summer alone, the entity secured funding amounting to more than €100 million through three financing operations with Santander (€42.3 million), Bankinter (€27.4 million) and ING Bank (€37.3 million). (…).
The financed properties belong to the portfolio of prime offices that the company owns in Madrid. One of its properties, on Calle Fernando El Santo (pictured above) is a Class A office building that has been fully renovated and is classified as a building of historical and artistic interest – it is located on the central Madrilenian thoroughfare of the Paseo de la Castellana, has a gross leasable area of 3,254 m2 and 42 parking spaces, a rare feature amongst similar office buildings in this area of Madrid, which is an important business centre. (…).
The €30 million from CaixaBank will be allocated to the acquisition of new property, focusing on the main financial districts in Madrid and Barcelona, in line with its existing portfolio, 40% of which comprises office buildings in the CBDs of Madrid and Barcelona.
In just over one year, Axiare Patrimonio has invested €805 million in 11 operations and has whereby acquired 28 assets in the Spanish tertiary real estate sector, primarily in Madrid and Cataluña. 73% of the company’s real estate portfolio corresponds to Class A offices, 18% is represented by logistics platforms and 9% comprises other tertiary use assets, such as shopping centres and retail stores.
As at 30 June, the company’s portfolio had increased in value by 11% according to a certificate issued by the real estate consultancy CBRE, in accordance with RICS (Royal Institution of Chartered Surveyors) standards and published in the CNMV.
Axiare Patrimonio’s investment objective, which is described in the company’s strategic plan, focuses on the acquisition of assets that are classified as or have the potential to become Class A rated, and that require active management in the most sought-after areas of Barcelona and Madrid; logistics assets in the main distribution corridors; and shopping centres and outlets across Spain.
Original story: El Confidencial
Translation: Carmel Drake
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