Axiare Patrimonio has invested €124m in a Madrid office asset.
The 15,094sqm property, refurbished in 2012, is the headquarters of law firm Cuatrecasas, Gonçalves Pereira.
Axiare, a Spanish REIT (SOCIMI), said the purchase of the property, on Calle Almagro, took the firm’s property portfolio to more than €1.2bn.
The portfolio is made up of 71% offices, of which around 50% is in central business districts.
Axiare said the asset had strong potential value uplift, a characteristic it said it was seeking when investing.
The investment involved the purchase of the holding company and the assumption of the existing loan.