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Axiare Patrimonio gains up 156% in the 1st quarter of 2017

Axiare Patrimonio had a net profit of 13.1 million euros in the first quarter of the year, an increase of 156% compared to the same period of the previous year. 

Income from gross leasehold rents in the first quarter of 2017 came to 13.4 million euros, 36% more than the same period of 2016. In comparable terms, the growth in rents compared to the first quarter of last year is 4.9%.

Through the year, the SOCIMI has acquired four properties for 158 million euros, resulting in a portfolio value of 1,500 million. This is in addition to the 93 million euros realised through the capital expansion on 8 March this year, and Axiare Patrimonio has financing from the bank to a value of 119 million euros.

As regards renting activity, in the first quarter, the company agreed on an area of 4,485m² in new office rentals. In logistics two new contracts were closed, involving a total of 26,165 m², raising its position in the segment to 97%; in addition, the have renegotiated a further 23,456 m².

So, Axiare informs us that the level of occupancy in its portfolio on the 31 March was 92.6%, a rise of 1,516 points over the previous year, on comparable terms. To this can be added more than 63,000 m² in new office and logistics contracts agreed since 31 March to today, including recently repositioned assets in the Calles Manuel de Falla and Don Ramón de la Cruz.

The company also states that four of the five repositioning projects of 2016 are completely let out, and there are positive signs for the rental prospects for the repositioning projects being brought to a conclusion this year.

After the four acquisitions carried out in 2017, Axiare Patrimonio have brought together a portfolio worth 1,500 million euros, “which in addition to generating a very attractive yield today, has great potential for increasing its value,” the SOCIMI states in a communication. The portfolio is divided between 75% offices, 16% logistics assets and 9% other tertiary activities, principally commercial in nature.