The acquisition provides guaranteed income and 100% occupancy until 2026, and brings the portfolio size to over 1.3 billion euros.
• Axiare completes the acquisition of the property let to PSA (Peugeot Citroën) in Las Tablas, for EUR 41.5 million. The office building, located on Calle Puerto de Somport 8 in Madrid, features a gross lettable area (GLA) of 9,280 sqm and 370 parking spaces.
• With this transaction, Axiare Patrimonio has ensured a continued rental stream until 2026 from a top-tier tenant.
• The property is located in Las Tablas (Madrid), close to the global headquarters of BBVA, Telefónica and the Spanish headquarters of Philips, in a go-to area for corporate headquarters.
Axiare Patrimonio has kicked off 2017 with the closing of a new acquisition. The Socimi headed up by Luis López de Herrera-Oria has completed the off-market acquisition of an office building located in Madrid, let to the PSA Group (Peugeot Citroën), for EUR 41.5 million; a new addition that takes the value of its property portfolio to over EUR 1,300 million. PSA Peugeot Citroën will continue to let 100% of the property, with a compulsory term until September 2026.
This prime office property, which was delivered in 2011, is located at Calle Puerto de Somport, 8, in Las Tablas, Madrid. This fast-paced business area set alongside the A-1 motorway includes a high number of both national and international corporate headquarters, including among others, BBVA, Telefónica, Philips, Renault, Abbott, Técnicas Reunidas, BMW and Porsche.
The building features a gross lettable area (GLA) of 9,280 sqm and 306 indoor and 64 outdoor parking spaces and benefits from excellent access to the A-1 motorway and the M-30 and M-40 ring roads.
Luis López de Herrera-Oria, CEO of Axiare Patrimonio confirmed: “We have acquired this property based on its excellent location, quality and prestige. The property is located in Las Tablas, in a highly consolidated area, where there are a high number of corporate headquarters. López de Herrera-Oria added: “This is the natural expansion area from the centre of Madrid, which is growing extremely quickly”.
Axiare Patrimonio, which will soon present its 2016 results, currently boasts a property portfolio valued at in excess of EUR 1,300 million. 73% of this portfolio comprises office assets, of which almost 45% are located in the CBDs of Madrid and Barcelona; 17% are logistics warehouses in key locations; and the remaining 10% are retail warehouses with high visitor footfalls.