Axiare Patrimonio has acquired an office property at 40 Calle Josefa Valcárcel in Madrid for €29.7m. With this purchase, the company bolsters its position in the A2 and M30 area, one of the city’s most established office areas.
The property is currently under construction and is expected to be completed in Q4 2018. The asset, developed by Metrovacesa, will comprise a gross lettable area (GLA) of 8,652 m² arranged over seven floors, with each floor comprising 1,376m². It will also feature 261 parking spaces distributed over two basement floors. The building is expected to be certified LEED Gold.
Luis López de Herrera-Oria, CEO of Axiare Patrimonio commented: “Our company acquires properties based on their quality, location and potential value uplift, always aiming to ensure a high-quality rental property portfolio that is able to generate attractive returns for our shareholders. With this acquisition, Axiare Patrimonio reinforces its presence in the A2 and M30 area of Madrid."
The Socimi was advised by EY Abogados on the legal side and BNP Paribas Real Estate on the commercial side.
