Axiare Patrimonio buys a new office building in Madrid for €53.4M

Axiare Patrimonio buys a new office building in Madrid for €53.4M

With this transaction, which was off market, in just a month and a half, Axiare Patrimonio has invested 138.4 million in the purchase of three tertiary use properties, totalling 34.354 square metres and with about a thousand parking spaces.   

Axiare Patrimonio has reached agreement to acquire the whole of the building in four complex, independent transactions, as the asset has four distinct owners.

This recently acquired asset is situated in the Calle Miguel Ángel number 23, in Madrid, in one of the main business areas of prime offices in the city, less than 100 metres from the Paseo de la Castellana. Each one of its floors, in a regular form, has a surface area of approximately 1,050 square metres, with two façades of light and two interior patios. The building also has a retail area, about 94% of which is leased to tenants.

Axiare Patrimonio aims to carry out refurbishments in the medium term, which will also lead to its revaluation.

The company has acquired two more tertiary use buildings during the year, for 41.5 and 43.5 million respectively, with a total area of 34,354 square metres and almost a thousand parking spaces.  

The total value of Axiare Patrimonio’s portfolio of assets is more than 1,400 million euros. 74 % of this portfolio are offices, of which half are strategically located in the CBDs of Madrid and Barcelona; 16% are logistics warehouses in key locations for the distribution of merchandise throughout Europe, and the remaining 10% medium sized retail with a good inflow of visitors. 

In this transaction, structured by Zaphir Asset Management, Axiare Patrimonio had EY an Cuatrecasas as legal consultants, Aguirre Newman technically, and the commercial aspect by JLL y Cushman & Wakefield.

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