Spanish REIT Axaire Patrimonio has acquired an office building in Madrid which is let to PSA Peugeot Citroën for €41.5 mln.
The property, located in Las Tablas on Calle Puerto de Somport 8, features a gross lettable area (GLA) of 9,280 m2 and 370 parking spaces.
'We have acquired this property based on its excellent location, quality and prestige. The property is located in Las Tablas, in a highly consolidated area, where there are a high number of corporate headquarters,' commented Luis López de Herrera-Oria, CEO of Axiare Patrimonio. 'This is the natural expansion area from the centre of Madrid, which is growing extremely quickly.'
Axaire said that the acquisition brought the value of its property portfolio to over €1.3 bn. PSA Peugeot Citroën will continue to let 100% of the property, with a compulsory term until September 2026.
73% of Axaire's portfolio now comprises office assets, of which almost 45% are located in the CBDs of Madrid and Barcelona; 17% are logistics warehouses in key locations; and the remaining 10% are retail warehouses with high visitor footfalls.
Axiare was advised by EY on the legal side, by CBRE on the technical and by Cushman & Wakefield and CBRE on the commercial side.
