Spanish REIT Axiare Patrimonio has bought an office building in Madrid’s central business district for €32.8 mln.
Spanish REIT Axiare Patrimonio has bought an office building in Madrid’s central business district for €32.8 mln.
The property has a gross lettable area of around 9,300 m2 over five floors, as well as 91 parking spaces in a three-storey basement. It is the second acquisition in the district this year by Axiare Patromonio, which now owns 15 office properties in Madrid.
The vendor of the building at Calle Don Ramón de la Cruz 84 was Spanish telecoms giant Telefónica.
‘This is a clear opportunity to create value uplift for our shareholders, thanks to the acquisition of an exceptional office building in a highly sought after area in the centre of Madrid,’ said Axiare Patrimonio CEO Luis López de Herrera-Orio.
The Madrid-listed Socimi, or REIT, has invested more than €800 mln in Spanish real estate since it entered the market in July 2014, putting together a portfolio of 28 commercial properties, 40% of which are located in Madrid and Barcelona’s central business districts.
Axiare Patrimonio was advised on the transaction by law firm Gómez-Acebo y Pombo and consultancy firm JLL. Aguirre Newman acted for the vendor.
