Spanish REIT Axiare Patrimonio has agreed to acquire a Madrid office project currently being developed by Metrovacesa for just under €30 mln.
The building will provide around 8,600 m2 of lettable space over seven floors and 261 parking spaces upon completion in the fourth quarter of 2018. It is targeting a Gold rating under LEED standards.
The acquisition lifts Axiare's portfolio to €1.75 bn and strengthens the company's presence in its strategic A2 and M30 area of Madrid, according to CEO Luis López de Herrera-Oria.
'Our company acquires properties based on their quality, location and potential value uplift amongst other criteria, always aiming to ensure a high-quality rental property portfolio that is able to generate attractive returns for our shareholders,' he said.
The Socimi was advised by EY Abogados on the legal side and BNP Paribas Real Estate on the commercial side.
So far this year, Axiare Patrimonio has acquired around €245 mln of assets across seven properties in Madrid and Barcelona. The company said it is currently in advanced negotiations to buy a further €170 mln worth of assets.
