Axiare Patrimonio, one of the new Spanish REITs, has acquired a portfolio of three office properties and a retail park in Madrid for €88 mln.
Axiare Patrimonio, one of the new Spanish REITs, has acquired a portfolio of three office properties and a retail park in Madrid for €88 mln.
The transaction adds a combined total of 47,000 m2 of gross lettable area (GLA) to Axiare's overall holdings.
The offices form a single complex in the Arroyo de la Vega office district and together comprise 25,600 m2 of gross lettable area (GLA) and 757 parking spaces. About 70% of the space is leased.
The retail park, named Las Mercedes Open Park, comprises three retail warehouses with 21,100 m2 of GLA and 540 parking spaces. The retail park will open at the start of October and is located next to the Plenilunio shopping centre, beside the A-2 highway.
The retail park is fully leased and its anchor tenants are Aldi supermarkets and Bauhaus, a German DIY chain that recently entered the Spanish market.
The deal was coordinated by Aguirre Newman. Ontier was the legal adviser on the sell-side and Axiare Patrimonio was advised by law firm Gómez-Acebo y Pombo. Consultancies Gleeds and Unen carried out the technical due diligence for the properties.
