Axiare Buys Office Building In Madrid For €41.5M

24 January 2017 – Idealista

Axiare Patrimonio has completed its first purchase of the year: an office building, which is leased out to the Peugeot Citroën Group in Madrid, for €41.5 million. The automobile firm will continue as the tenant of the building until 2026. Axiare’s portfolio of properties is valued at more than €1,300 million.

This office building, which was completed in 2011, is located in Las Tablas, Madrid, close to properties such as the headquarters of BBVA, Telefónica, Philips and Renault. The building has a gross leasable area (GLA) of 9,280 m2 and 306 internal and 64 external parking spaces. It also has access to the A-1 motorway and links to the M-30 and M-40 ring roads.

For the operation, Axiare Patrimonio received legal advice from EY, technical advice from CBRE, and commercial advice from Cushman & Wakefield and CBRE.

Original story: Idealista

Translation: Carmel Drake

Merlin Buys Adequa Business Park From Lone Star For €380M

3 October 2016 – Real Estate Press

On Friday, Merlin Properties confirmed its purchase of the Adequa business park, located in the Las Tablas area in the north east of Madrid. The operation has been advised by Knight Frank and JLL.

The complex has belonged to Lone Star since 2015 which purchased it by foreclosing a debt with Bami amounting to €630 million.

Adequa, opened in 2007, is a complex covering more than 107,000 sqm spread across several buildings. The complex houses the headquarters of the group Técnicas Reunidas and the automobile company Renault. In addition, there is a plot of land for the development of two other buildings, including a 24-storey tower with a surface area of 29,000 sqm.

Through this acquisition, Merlin Properties has increased its presence in the area, where it already owns five office buildings, purchased in October 2014, for €130 million, which house the headquarters of Vesta, Neoris and Philips, amongst others. Similarly, Merlin acquired a plot of land measuring 16,000 sqm, where it is currently constructing an office block.

As at 30 June 2016, Merlin’s office portfolio comprised 584,969 sqm of space, worth €2,337.7 million. This portfolio has multiplied following the Socimi’s merger with Metrovacesa, approved on 15 September 2016. Thus, the new Merlin has an office portfolio that contains 84 properties with a surface area covering more than 1 million sqm and is worth €4,172 million.

In the north of Madrid, Metrovacesa owns the Las Tablas business park, which contains more than 27,000 sqm of office space and another complex, Vía Norte, covering 38,000 sqm.

Original story: Real Estate Press

Translation: Carmel Drake

Lone Star Puts Adequa Business Park Up For Sale

6 May 2016 – Cinco Días

The US fund Lone Star is going to put the Adequa business park up for sale, which it acquired after taking on the debt of the inactive real estate company Bami Newco. Adequa will be put on the market within the next few weeks and will be marketed by the brokers Knight Frank and JLL.

These consultancy firms received the exclusive joint-mandate to handle the sales process, which will be presented to a small group of investors only.

Adequa is one of the largest business parks in Spain. It has a total surface area of 120,813 sqm and contains six office buildings, as well as a service centre with commercial space measuring 5,013 sqm, including a gym, restaurants, a pharmacy, a nursery and three padel courts. The park is located next to the A-1 highway, in the new neighbourhood of Las Tablas.

This business park is home to the headquarters of Renault in Spain, for xample. Moreover, construction is on-going at the site, to build a new space, measuring 44,885 sqm, which will be divided into two buildings, one of which will be a central tower with office space covering 29,095 sqm.

Bami Newco, the real estate company controlled by Joaquín Rivero following his departure from Metrovacesa, filed for liquidation last year, at the company’s own request under the Bankruptcy Law, with debts amounting to €652 million. At that time, the assets, basically the business park itself, were worth €726 million.

Original story: Cinco Días (by A.S.)

Translation: Carmel Drake