Axiare Patrimonio buys an office block in Madrid for 41.5 million

Axiare Patrimonio has formalised via an out of market deal the purchase for 41.5 million euros of an office building let to PSA (Peugeot Citroën) in Madrid. The automobile group will continue as the sole tenant of the building for an agreed period of time until September 2026.

This prime quality office block, completed in 2011, is located in Madrid at number 8 in the Calle Puerto de Somport, in Las Tablas. In this zone, adjacent to the motorway A1, and with a high degree of entrepreneurial activity, can also be found many other corporate head offices, both national and international, such as BBVA, Telefónica, Philips, Renault, Abbott, Técnicas Reunidas, BMW and Porsche, among others.

The building has a gross lettable area (GLA) of 9,280 square metres with 306 parking spaces inside and 64 outside, with access to the A1 motorway and connections to the M30 and M40 traffic corridors.

Luis López de Herrera-Oria, managing director at Axiare Patrimonio states that “This is the natural expansion zone from the centre of Madrid, which is developing rapidly”.

Axiare Patrimonio currently has a portfolio valued at more than1,300 million euros. 73% of this asset portfolio corresponds to offices, of which 45% are in the Madrid and Barcelona CBDs; 17% are logistics warehouses and the remaining 10%, commercial enterprises.

In this project, Axiare Patrimonio has had legal assistance from EY, technical assistance from CBRE, and commercially from Cushman & Wakefield and CBRE.