Axiare Patrimonio secures €40m financing deal (ES)

|© Axiare Patrimonio

Axiare Patrimonio, the real estate investment company listed on the Spanish stock exchange, has completed a bilateral financing agreement with Banco Sabadell.


The SOCIMI will now receive €39.9m to continue to implement its investment plan. The agreement with a maturity term of 10 years, equates to a 55% LTV on the properties financed, in keeping with the target LTV set by the company. Axiare Patrimonio has now secured loans totalling €334m since July 2014, and expects to continue to finance its property acquisitions in order to achieve an overall portfolio loan-to-value of between 55% and 60%.


The loan was secured with the three latest office buildings acquired in 2015, located in Madrid's city centre and the Arroyo de la Vega and M30-A2 financial districts. Thanks to this agreement, Axiare Patrimonio has now successfully financed 89% of its office portfolio.


“We have been very active in the investment market and have been able to successfully obtain timely and highly favourable financing, thanks to the quality of our portfolio and the banks' confidence in our management team," commented Luis López de Herrera-Oria, CEO of Axiare Patrimonio, adding, "We will continue to implement our business plan and to work to secure new financing agreements, in order to expand and reposition our portfolio and improve the yield on our properties, in order to continue to add value for our shareholders."


The funds raised in the financing agreement with Sabadell will be used for new acquisitions of properties located in Madrid and Barcelona's main financial districts, in line with its existing portfolio, of which 40% comprises office properties located in the Madrid and Barcelona CBDs (Central Business Districts).


In just one and a half years, Axiare Patrimonio has completed investments worth €800m, via which it has acquired a total of 28 commercial properties in Spain. The company's portfolio comprises 73% class-A offices or with the potential to be; 18% logistics platforms located on the main distribution highways and 9% other commercial properties, such as shopping centres and retail warehouses. In line with the latest valuation certificate issued by CBRE Valuation Advisory on 30 June 2015, based on RICS standards, the company’s property portfolio increased in value by 11%.


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