Spanish REIT Axiare Patrimonio has completed the acquisition of two office buildings in Madrid for €49 mln.
Spanish REIT Axiare Patrimonio has completed the acquisition of two office buildings in Madrid for €49 mln.
The high-specification Grade A twin office buildings comprise a total of 17,600 m2 and 381 parking spaces. The buildings form part of the same complex in the Cristalia Business Park within the Campo de las Naciones business district, where the company acquired two other buildings in February.
The new assets have an occupancy rate of close to 80% and tenants include engineering consultancy Alten Solution España and the Danish multinational Novo Nordisk Pharma.
The transaction was brokered by BNP Paribas, with law firm Gómez-Acebo y Pombo providing Axiare with legal advice. Aguirre Newman carried out the technical due diligence.
To date, Axiare has acquired 20 income-producing properties with a total lettable area of 430,203 m2 in 12 transactions valued at €528 mln. The composition of the portfolio is 72% Grade A offices, 18% logistics platforms and 10% retail assets.
With this acquisition and others in the pipeline, the Spanish REIT has reached the maximum investment potential available from the proceeds obtained from its IPO, and is now awaiting the completion of a share capital increase to fund further expansion.
