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Axiare Patrimonio completes its first purchase after capital expansion

19.5 million euros invested in a prime office building with a gross lettable area of 12,000 m2 and more than 400 parking  spaces  

Axiare Patrimonio has completed its first purchase after the expansion of capital announced in March. The Socimi has invested 19.5 million euros in the acquisition of an office building with a GLA of 12,000 m2 and more than 400 parking spaces. The property, recently constructed, has floors of 2,500m2 and also an auditorium with a capacity for 200 people. The property will generate an annual income of 1.25 million euros over the next few years according to the Socimi.

The asset is situated on the Avenida Can Fatjó dels Aurons de Sant Cugat, in Barcelona. Sant Cugat is a strategic zone for offices in Barcelona, with access to several motorways including the C-16 and AP-7 and five minutes’ walk from the Sant Joan Station. The zone has owners such as Mapfre, Axa, Catalana Occidente, Banco Sabadell and Merlin and tenants of the size of Hewlett-Packard, TVE, Deutsche Bank, Banco Sabadell, Mapfre, Nespresso and Gas Natural. Sant Cugat has been one of the most sought after areas by tenants recently and has one of the highest occupancy rates in Barcelona.

The Managing Director of Axiare Patrimonio, Luis López de Herrera Oria states, “We have bought a magnificent office building at 27% under the cost of repositioning and with huge added value potential.”

With this transaction, in the three months so far of 2017, Axiare Patrimonio has made investments of 157.9 million in the purchase of four properties in tertiary use, totalling 46,354 square metres and about 1,300 parking spaces. This property was part of the pipeline announced at the presentation of results last February 27th.

The consultants working with Axiare Patrimonio in this transaction were EY, BNP Paribas Real Estate and Estrada & Partners.