Spanish REIT Axiare Patrimonio reported net profit of €31.3 mln and earnings before interest and tax of €32.6 mln in the first six months of 2015.
Spanish REIT Axiare Patrimonio reported net profit of €31.3 mln and earnings before interest and tax of €32.6 mln in the first six months of 2015.
The company, which has been listed on the Spanish stock exhange since July 2014, said the results show ‘a very positive performance in all variables’.
Rental income amounted to €18.7 mln, derived from a portfolio comprising 21 assets with an average occupancy rate of 90.9% and an average gross yield on cost of 6.8%.
The company has invested €806 mln to date in properties comprising a total GLA of 550,500 m2. The majority of the portfolio consists of prime offices located in the most established business districts in Madrid and Barcelona.
In June, the company turned to the capital markets to carry out a fully subscribed capital increase, thereby doubling its share capital. Axiare Patrimonio has already invested nearly 60% of the funds obtained through this capital increase and plans to carry out new acquisitions in the coming months.
Luis López de Herrera-Oria, CEO of Axiare Patrimonio, said: ‘We thank our shareholders for the support and continuous confidence, both when the company was first created, a year ago, and on its recent share capital increase. This trust allows us to continue investing, building a high-quality portfolio to keep on creating value for our shareholders.’
