Spanish REIT Axiare Patrimonio has invested €53.4 mln to purchase its third office building in Madrid’s prime CBD within the space of two months.
The Madrid-based investor acquired a building on Calle Miguel Angel in Madrid’s prime office area, via a complex off-market deal involving four separate transactions.
'This deal once again demonstrates our capacity to operate off-market, acquiring an asset with excellent potential via a complex transaction. We remain deeply committed to our business plan, designed to generate value for our shareholders,' commented Axiare Patrimonio’s CEO, Luis López de Herrera-Oria.
The asset comprises over 8,000 m2 of office space, a retail unit on the ground floor and almost 100 underground parking spaces. It is 94% let to a variety of tenants.
Axiare Patrimonio said it planned to undertake improvement works on the building in the medium term and thereby gain value uplift.
The deal means that Axiare has spent around €138.4 mln on Madrid office properties so far this year. Almost 50% of the buildings in its office portfolio are located in the CBDs of Madrid and Barcelona.
Axiare’s property portfolio is currently valued at over €1.4 bn. Around three quarters - or 74% - of the portfolio comprises office assets, 16% comprises logistics warehouses and the remaining 10% consists of retail warehouses with high visitor footfalls.
The transaction was structured by Zaphir Asset Management. Axiare Patrimonio was advised on the legal side by EY and Cuatrecasas, on the technical side by Aguirre Newman, and on the commercial side by JLL and Cushman & Wakefield.
