AxiaRE Increases Capital By €396M To Fund New Purchases

6 April 2015 – Expansión

The listed real estate investment company (‘sociedad cotizada de inversión inmobiliaria’ or Socimi) Axia Real Estate has announced a capital increase of around €396 million. The operation, which will involve the issue of up to 36 million shares at a minimum price of €11 per share, will allow AxiaRE to continue purchasing real estate assets.

The Socimi also announced the purchase of two office buildings in Madrid: one in the Campo de las Naciones area and another on Calle Juan Ignacio Luca de Tena. In total, AxiaRe has invested €40.5 million in these two purchases.

The real estate company has also signed bilateral financing agreements for several properties, including the offices on Luca de Tena, for which it has signed a loan with CaixaBank for €10.85 million, with a term of 13 years. It has also obtained a €50 million loan from Santander, with a seven year term, to finance the purchase of some (other) offices in Madrid, two warehouses in Guadalajara and a retail space in Tarragona.

Original story: Expansión (by R. Ruiz)

Translation: Carmel Drake

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.

Portfolio

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

Axiare Acquires an Office Unit in Madrid For €31 Mn

14/11/2014 – Expansion

Newly listed Spanish REIT (or a Socimi as they are known in this country) Axia Real Estate (now Axiare) has bought an office building situated at 7 Manuel de Falla in Madrid for €31 million.

As soon as the rehabilitation works are completed (probably in March 2016), the property will become a part of the buyer’s portfolio.

The deal was formalized through a down payment of €12 million, fully disembursed from Axiare’s own funds.

The building has a total built area of 6.500 square meters and apart a parking lot with 40 spaces, all designed by the Arquitectura Allende Arquitectos architect’s office. Gleeds Ibérica will advise Axiare on supervision of the refurbishment works.

In opinion of the general director of the Socimi, Luis Lopez Herrera-Oria, the deal was an exceptional opportunity in terms of purchasing offices in downtown Madrid. Acquisition of this building and of another one located at 15 Fernando el Santo street proves the firm bet the company placed on the city center.

During the four months which passed since its listingAxiare has invested a more than €236 million amount, representing 65.5% of its IPO funds.

 

Original article: Expansión

Translation: AURA REE