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Axiare Patrimonio acquires phase two of its logistics project for €38M

Axiare Patrimonio has closed the acquisition of phase two of its logistics project in San Fernando de Henares, after having pre-let a large part of the first phase, acquired just a year ago.

The acquisition is linked to a pre-agreement option signed in 2016, with the acquisition of phase one of the project, and SOCIMI reserved the right to develop a second phase.

Axiare Patrimonio’s CEO, Luis López de Herrera-Oria, states that “this operation once again demonstrates our capacity to operate off-market, acquiring assets with excellent value uplift potential via complex transactions.  We remain deeply committed to our business plan, designed to maximize value for our shareholders”.

The Socimi has invested €38 million in acquiring this phase two.  This new investment will add two logistics warehouses with a gross for lease area of 60,000 sqm to the three already in the pipeline for phase one, all located within the same logistics complex. Phase two is scheduled for delivery under a turn-key arrangement by second semester of 2018.

Axiare Patrimonio will make a total investment of €81M across the two phases of the logistics complex development. The technical specifications of the new warehouses will be identical to the ones in the phase one, featuring exceptional qualities and LEED environmental certifications.

With this off-market deal, Axiare Patrimonio has invested €195M across five properties.

The project will be developed by Grupo Barral, the specialist logistics company.