Spanish REIT Axiare has agreed to buy a €51 mln office building in Madrid from bad bank Sareb in its first transaction since completing a €395 mln capital increase earlier this month.
Spanish REIT Axiare has agreed to buy a €51 mln office building in Madrid from bad bank Sareb in its first transaction since completing a €395 mln capital increase earlier this month.
Located in the central business district, the property provides 10,780 m2 of office space over six floors and 85 parking spaces. The asset is 92% leased to tenants including investment bank N+1, engineering firm Westinghouse, and Konecta.
Law firm Gómez-Acebo y Pombo advised the buyer, and Cushman & Wakefield performed the technical due diligence.
'We plan to make improvements to the property in order to reposition it as one of the capital’s top office buildings,' commented López de Herrera-Oria, CEO of Axiare Patrimonio.
The investment is in line with the company’s strategy of buying prime offices in the centre of Madrid and Barcelona, as well as logistics platforms along the major distribution corridors, and other tertiary assets in Spain’s consolidated areas.
In a statement, Axiare Patrimonio said it is considering investment opportunities worth €1.4 bn in the medium term. Since its IPO less than a year ago, the company has closed 13 investment deals valued at €613 mln.
