Axiare Patrimonio has acquired the headquarters of Spain's ABC newspaper from Vocento communications group for €35 mln in a sale-and-leaseback deal.
The Madrid-listed REIT, which closed another major office deal in the Spanish capital worth €124 mln just days before, purchased both the 10,147 m2 office property plus an additional buildable area of 9,637 m2, giving the firm the possibility of doubling the gross leasable area of the asset. The deal closed before the end of 2016.
'This investment offers an excellent initial yield and great potential in the medium term to create a large corporate headquarters,' commented Luis López de Herrera-Oria, CEO of Axiare Patrimonio.
Back in March, multimedia company Vocento hired agent Aguirre Newman to reorganise its real estate holdings and dispose of most of its 35-strong asset portfolio. The Madrid office, which has been occupied by the ABC newspaper since 1989, represents Vocento's primary office in the capital. The lease deal is for a minimum of five years.
Axiare concludes 2016 with investments in excess of €300 mln, mainly in office and logistics assets in Madrid. The company also recently announced new financing agreements, with plans for further acquisitions in the short term.
'We will end the year with over €300 mln invested and a consolidated and balanced portfolio, generating highly attractive yields and offering strong value uplift potential,' concluded López de Herrera-Oria.
Aguirre Newman advised the vendor.
