Spanish REIT Axia Real Estate (Axiare) has acquired a portfolio comprised of four office buildings in Madrid and Barcelona as well as a retail warehouse in Tarragona, in an off-market transaction with Credit Suisse Asset Management Immobilien Kapitalangegesllschaft.

Spanish REIT Axia Real Estate (Axiare) has acquired a portfolio comprised of four office buildings in Madrid and Barcelona as well as a retail warehouse in Tarragona, in an off-market transaction with Credit Suisse Asset Management Immobilien Kapitalangegesllschaft.

The properties, which were acquired for €180 mln, add a total of 57,924 m2 and 1,335 parking spaces to Axiare’s existing property portfolio.

Following this transaction, Axiare has now invested 100% of the funds raised from its flotation on the stock market in July. Around 70% of its portfolio in the portfolio are prime Class A office buildings located in the city centres and financial districts of Madrid and Barcelona, and the remaining 30% comprise logistics and retail space.

'Thanks to the signing of this agreement, we are demonstrating our ability to identify and close large transactions, which will then translate into higher returns for our shareholders,' commented Luis López de Herrera-Oria, CEO of Axiare.

Axiare has now invested €425 mln in prime properties in just five months since it began trading. In total, the company has built a portfolio of 387,810 m2 of leased office, logistics and retail space and 3,174 parking spaces.

López de Herrera-Oria: 'We are currently studying several potential real estate transactions and looking to make further acquisitions in the coming months.'

The property portfolio acquired from the Credit Suisse group is nearly fully let and comprises three office buildings, located in the Campo de Las Naciones business district in Madrid; another office building located at Avda. Diagonal 197 in Barcelona, close to Torre Agbar; and a retail warehouse located in an established retail park in Tarragona. It offers 12,413 m2 of retail space and is fully-let to the DIY company, Bauhaus.

Based on its current level of occupancy, the recently acquired property portfolio reflects a gross yield of 6.60%, which could reach 7.20%, once the vacant space is fully let at market rents.

Cushman & Wakefield acted as consultants and carried out the technical due-diligence report, while law firm Gómez-Acebo y Pombo acted as legal advisers and Credit Suisse by Realcis, S.L. and Clifford Chance.