Axiare Wins 31 Million in Full Upturn Of The REITs

28 August 2015 – Cinco Días

The real estate company increases its portfolio after investing 806 million.

The Real Estate Investment Trust (REIT) Axiare Patrimonio has closed its first year in operation with a profit of 31.3 million euros.

The company, which went public in July 2014, ended the first half of 2015 with a net profit of 31.3 million (including 27.6 million of revaluation of assets) thanks to a portfolio that makes rental income of 18.7 million.

During the first semester of 2015, the company has acquired five new buildings, mainly for offices. Since its flotation, Axiare has invested 806 million in real estate assets. Among the investments of 2015 is an advance payment of 17 million euros for the purchase of an office building on the street Manuel de Falla, in Madrid, the acquisition price of which amounts to 31 million.

The REIT, that went public with the capital of 360 million, went to the market in June only to double in size and reach 395 million to keep buying assets. In the past two months Axiare has already invested 60% of the proceeds.

Only in July, the real estate has completed the purchase of an office building in Madrid,  two logistics warehouses in Les Puntes Constantí (Barcelona) and business premises in Velázquez (Madrid).

Moreover, the company has closed several financing agreements worth 264 million.

Among the shareholders of Axiare stand out international funds such as Perry Partners, with a 19.44% stake; Taube Hodson, with 9.98%; T. Rowe Price, with 9.78% and Citigroup, with 9.16%. Yesterday, in exchange, Axiare fell by 5% to 10,365 euros. Its market capitalization totals 745 million.

Original story: Expansión

Translation: Lee La

Engel & Völkers’ Business Grows By 60.7% In Spain

30 January 2015 – La Vanguardia

E&V brokered property sales worth €699.25 million in 2014 compared with €435.1 million in 2013.

The luxury real estate agent Engel & Völker increased its business in Spain by 60.7% in 2014, when it brokered property sales worth €699.25 million, compared with €435.1 million in the previous year.

During 2014, it closed 1,071 sales, an increase of 77.6% on the 603 transactions completed in 2013. Nevertheless, the average sales price decreased by 9%, from €719,759 to €652,894, said the firm.

As for the rental market, the number of homes handled by the firm in Spain increased by 66.4% in 2014 with respect to the previous year, as it closed 724 transactions.

As with house sales, the average price of rental accommodation also decreased, by 7.6%, in line with the trend in the market to amount to €2,305 (per month).

During the course of last year, Engel & Völkers opened 14 new offices in Spain: its Market Centers in Madrid and Valencia; and 12 offices located in San Sebastián, Vigo, Tarragona, Benidorm, Calpe, Denia and in several parts of Madrid, including Conde de Orgaz, Majadahonda, Las Rozas, Alameda, Sanchinarro and Aravaca, amongst others. In addition, 16 new licences were sold.

According to Philipp Neimann, the CEO of Engel & Völker in Europe, the Middle East and Africa, the market in Spain is a key priority for the company at the international level.

Having opened its Market Centers in Madrid and Valencia last year, with a total investment of €4.5 million, the prestigious property firm considers that there are still many business opportunities in the country.

Globally, the Engel & Völkers group increased total income from commissions by 10.1%, to €300.3 million, the highest amount the company has ever recorded in its 35-year history.

In 2015, it plans to employ 2,000 new real estate agents around the world, with Spain and the USA earmarked as the priority markets for the firm.

Original story: La Vanguardia

Translation: Carmel Drake