The Socimi led by Luis López de Herrera-Oria, Axiare Patrimonio, has completed the acquisition of the Spanish headquarters of McKinsey & Co., one of the leading international consultancy firms, for €41.8m.
The period refurbished office building comprises 7,054m² Gross Lettable Area (GLA) and 93 underground parking spaces. It is located in the Almagro area of Madrid, close to Linklaters, Cuatrecasas GonÇalves y Pereira, Ramón y Cajal, and BBVA’s Innovation Centre.
The Socimi now has close to €1.1bn in real estate assets with very strong potential value uplift: rents are expected to increase by 77 per cent in the next year and a half, from €42m per year to €76m in 2018. Axiare Patrimonio holds more than €200m solely for completing new acquisitions.
Axiare Patrimonio was advised on the transaction by EY on the legal side, PWC on the technical side and Cushman & Wakefield on the brokerage side. The seller was advised by Tenigla Real Estate and Aiga Investments.
