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Axiare Patrimonio ended 2016 with a profit of €148,6M

Axiare Patrimonio reports that it has closed 2016 with a net consolidated profit of 148.6 million euros, an increase of 74.2 per cent compared to the previous financial year.

Also, the socimi, directed by Luis López de Herrera-Oria, increased the net value of its property to 13.8 euros per share, which is 17.6 per cent more than twelve months previously and 45.4 per cent more than at its exit from the Stock Market in July 2014.

Axiare Patrimonio’s rent income in 2016 rose to 42,4 million euros, 19.5 per cent more than the previous year. This increase is, according to the company, due to the fact that Axiare is closing rental contracts at prices above the average rents on the market.

During the 2016 financial year, Axiare Patrimonio has completed 14 new lettings covering a gross lettable area (GLA) of 53,481 m2, which will bring in additional annual rents of 3.1 million euros, 210 per cent more than in 2015. The occupancy rate for the Axiare Patrimonio portfolio up to the 31st December 2016 was 88 per cent. Additionally, and since the beginning of 2017, the socimi has closed and settled on 90,000 m2 of offices and logistics assets completed in the short term.

The asset portfolio of Axiare Patrimonio, at the close of the 2016 financial year, is valued at 1,343 million euros, according to CBRE Valuation Advisory, based on the RICS (Royal Institution of Chartered Surveyors) standard. In the past financial year, the socimi has invested 323.6 million euros in new prime office buildings and logistics warehouses in good locations. Already in 2017, the company has succeeded in acquiring the head office of Peugeot in Madrid for 41.5 million euros, the head office of Capgemini for 43.5 million and the Miguel Ángel 23 in the heart of Madrid’s CBD for 53.4 million.  Additionally, there are a further 20 million euros in the process of due diligence for imminent closure.