Spanish REIT Axiare Patrimonio has concluded its biggest transaction of the year with the purchase of a Grade A office asset in Madrid's CBD for €124 mln.
The property, which was completely refurbished in 2012, comprises 15,094 m2 of gross lettable area and 201 parking spaces. The tenant is international law firm Cuatrecasas, Gonçalves Pereira.
'This acquisition consolidates our office portfolio, with 50% of our offices being located in CBD locations. It is one of the best properties in Madrid, has exceptionally good specifications, occupies an enviable location, was recently refurbished, and is let to a top-class tenant,' commented Axiare Patrimonio CEO López de Herrera-Oria. 'This is our third deal in just three weeks, and yet another demonstration that Axiare Patrimonio continues to be firmly on track to meet its business plan, and that as 2016 draws to an end, we have an upbeat outlook.'
The off-market transaction was made via the acquisition of the property's holding company and the purchase of the existing loan.
The deal is part of the pipeline of assets announced by the company on 15 November, in line with its strategy to acquire assets with the potential for value uplift.
EY advised Axiare on legal matters, CBRE on the technical and brokerage side.
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