Listed Spanish investor Axiare Patrimonio has acquired a prime office building in Madrid for €42 mln in an off-market transaction.
The refurbished period building, which is the headquarters of McKinsey & Co. in the Spanish capital, comprises 7,000 m2 of lettable area and is located in the Almagro district of Madrid.
'With the purchase of this property, Axiare Patrimonio continues to be firmly on-track to meet its business plan and as it draws towards the end of 2016, has an extremely upbeat outlook,' commented Luis López de Herrera-Oria, CEO of Axiare Patrimonio. 'This unique property located on Plaza de Alonso Martínez meets all of our requirements: it is a prime product, is located in the capital’s financial centre and has excellent potential value uplift.'
Axiare, which now has close to €1.1 bn in real estate assets, said its portfolio had 'a very strong potential value uplift'. In a statement, the Socimi noted that 'rents are expected to increase by 77% in the next year and a half, from €42 mln per year to €76 mln in 2018'.
Axiare Patrimonio was advised on the transaction by EY on legal matters, PWC on the technical side and Cushman & Wakefield as brokers.
The seller was advised by Tenigla Real Estate and Aiga Investments.
