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Axiare Patrimonio buys the Head Offices of the Grupo Vocento en Madrid for 35 million

Axiare Patrimonio formalised the acquisition for 35 million euros of the current Head Office in Madrid of the communications group Vocento and its subsidiaries. This purchase includes an office building with a gross lettable area (GLA) of 10,147 m², more than 260 parking spaces and building potential of  9,637 m².

In this way, Axiare Patrimonio now have the potential to double the number of occupied square metres, increasing from 10,000 currently to approximately 20,000 within five years.

The building, which has undergone several interior renovations since 2002, has been acquired by Axiare Patrimonio in an off the purchase and letting market deal, as part of which the Vocento group and its subsidiaries occupy the whole building for a minimum period of five years.

The asset is located in the calle Juan Ignacio Luca de Tena in Madrid, between motorways M30 and A2, next to the new Headquarters of Popular, to where the staff of this financial company will transfer at the beginning of 2017. In this conglomeration can also be found the Head Offices of L’Oreal and American Express. Additionally, a new shopping centre is being developed next to the building with an area of 6,000 m², which will bestow a high level zone of new services on the area.

Luis López de Herrera-Oria, Managing Director of Axiare Patrimonio states: “This investment offers an excellent initial income and great potential in the medium term to create a large corporate headquarters”.

During the deal, Axiare Patrimonio were advised by EY on the legal side and by Cushman & Wakefield on the technical and commercial side. The seller used the legal services of Garrigues and commercially those of Aguirre Newman.