Axia Real Estate has acquired a property portfolio comprised of four office buildings located in highly sought-after areas of Madrid and Barcelona and a retail warehouse in Tarragona, in a transaction from Credit Suisse Asset Management Immobilien Kapìtalanlagegesellschaft which forms part of the financial group Credit Suisse, on behalf of the open end real estate fund CS Euroreal.
These properties, which were acquired for €180 mln, add a total of 57,924 m² and 1,335 parking spaces to Axiare’s existing property portfolio. Following this transaction, Axiare has now invested 100% of the funds raised from its flotation on the Stock Market on July 9, creating a real estate portfolio with strong upside potential, which it manages directly. 70% of the properties in the portfolio are prime Class A office buildings located in the city centres and financial districts of Madrid and Barcelona, and the remaining 30% comprise logistics and retail space.
“Thanks to the signing of this agreement, we are demonstrating our ability to identify and close large transactions, which will then translate into higher returns for our shareholders” said Luis López de Herrera-Oria, CEO of Axiare. “Two of the defining factors behind the company completing such a significant transaction have been the burgeoning Spanish real estate market, combined with the Axiare team’s in-depth experience and connections in the sector.”