13 December 2016 – Expansión
After a record third quarter in terms of real estate investment, the Socimis and funds in Spain are facing a frenetic pace of work as we head into the last few weeks of the year.
That is the case of Axiare Patrimonio. Yesterday, the real estate company controlled by Luis López de Herrera Oria closed its largest acquisition so far in 2016. The Socimi has invested €124 million to acquire the headquarters of the law firm Cuatrecasas in Madrid.
The property is a modern office building, which was completely refurbished in 2012. It has a gross leasable area of 15,094 m2 and 201 parking spaces. Constructed in 1982, the building used to house the headquarters of Mutua Madrileña until 2006 when it was sold for €120 million to Reig Capital, the holding company owned by the Andorran Reig family, the former owners of Banca Reig and the tobacco firm Puritos Reig.
The complete refurbishment was performed especially for Cuatrecasas, which, following the change of owner, will not change the terms of its 18-year rental contact, say sources at the law firm.
As a result of this operation, Axiare has increased the value of its asset portfolio to €1,230 million, having invested €275 million this year. 71% of the assets in its portfolio are offices, whilst commercial assets account for 11% and logistics assets for 18%.
“This is our third operation in just three weeks and is further proof that Axiare Patrimonio remains firmly committed to fulfilling its business plan. We are approaching the end of 2016 with a very good outlook”, said Luis López de Herrera Oria, CEO at the Socimi. Prior to this purchase of Cuatrecasas’ offices, Axiare’s most recent operation involved the acquisition of two logistics warehouses for €14 million on 2 December. Moreover, in the office segment, the Socimi bought McKinsey’s headquarters on 23 November for €42 million.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake