These assets amount to 30,000m² de gross lettable area (GLA) and are all leased to first level tenants. These assets are important for their high technical specifications and for their strategic location within the, Corredor del Henares, one of the most important in the Spanish logistics market.
The logistics real estate assets were purchased with the European real estate fund Encore+, belonging to Aviva Investors and managed by LaSalle Investment Management, in an operation off market. To this effect, Axiare Patrimonio has used the services of the consultants BNP Paribas Real Estate, the EY office and Aguirre Newman as technical and commercial advisor.
At the close of this operation, Axiare Patrimonio will have a portfolio of logistics assets with a GLA of more than 400,000 m². The Axiare premises for rent, have been acquired at 32% below repositioning costs, and generate renting potential of more than 9%, with an average occupancy rate of 89%.This portfolio, which is notable for its diversification, has clients like Kuehne+Nagel, Fnac, the Auchan Group and Carrefour, among others.
Luis López de Herrera-Oria, Managing Director of Axiare Patrimonio, states that with this deal “we can continue to maintain a balance in our portfolio in line with our strategy, with approximately 20% invested in the logistics sector”.
The first of these assets, with a GLA of 8,971 m² and two independent means of access, is situated in Alcalá de Henares, 25 kilometres from the centre of Madrid and with immediate access to the A-2 motorway. These premises are fully occupied by Hellman Worldwide Logistics. The second premises, with a GLA of 19,064 m², also with two access routes, is in the industrial estate Miralcampo in Azuqueca de Henares, 40 kilometres from the centre of Madrid, with access from the A-2 and the R2. The asset is 100% occupied by the Sport Street Group, owner of sports brands such as Décimas and Polinesia.
The SOCIMI comes to more than 1,100 million euros in real estate assets with a strong added value potential: rent increases of 77% are predicted for the first year. 70% of the Axiare Patrimonio portfolio corresponds to office real estate; 20% to logistics centres and 10% to commercial space.