Axiare aquires two office properties in Madrid for €40.5 mln (ES)

The Socimi Axiare announced the acquisition of two office properties in Madrid for a total of €40.5 mln. This transaction adds 14,362 m² of Gross Lettable Area (GLA) to the Company’s property portfolio, which is comprised of approximately 70% offices located in Madrid and Barcelona’s CBD’s and business districts, equating to more than 402,000 m² (GLA).
These acquisitions continue on with the investment and active property management policy that Axiare has in place for Class A office properties, or that have the potential to be, and located in highly consolidated urban areas, which the market believes will seen strong upside value appreciation in the coming years.
According to Luis López Herrera-Oria, CEO of the Company, “these two acquisitions reiterate Axiare’s commitment to value creation, with Edificio Tucumán being an excellent example of potential value appreciation via rental uplift and Edificio Luca de Tena, an example of active management and future repositioning.”
Source: Axiare