Axiare Patrimonio has invested an additional €173 mln following its capital increase. The company has expanded its real estate portfolio with the acquisition of eight properties: seven in Madrid and one in Catalonia.
The investment represents 45% of the funds obtained from the fully-subscribed €395 mln capital increase conducted in June, doubling the size of Axiare Patrimonio and boosting its market capitalisation to over €840 mln. The company plans to invest the remaining funds from the capital increase in new acquisitions in an effort to further expand its portfolio of quality properties in consolidated areas.
With the latest acquisitions, totalling 108,654 m² GLA, the company’s portfolio now includes more than 550,000 m². Axiare Patrimonio continues to pursue its business plan of expanding its asset portfolio and establishing itself as one of the Spanish market’s leading REITs.
In Madrid, the company acquired five office buildings and two commercial spaces, located in the capital’s prime districts, in addition to a logistics complex in Catalonia. A portion of these investments will be completed in September with the formalisation and payment of the remaining agreed amounts.
In recent weeks, moreover, the company financed part of its current portfolio by signing two new bilateral loans with Santander and Bankinter amounting to €42.4 and €27.4 mln, respectively, in line with its 55% LTV leveraging strategy.
These recent operations comply with the company’s business plan, which focuses on the acquisition of Grade A offices – or those with the potential to become so through its active management strategy – in the centre or business districts of Madrid and Barcelona with the highest demand, as well as logistics platforms along the major distribution corridors, and other tertiary assets in Spain’s consolidated areas.
Since its IPO one year ago, Axiare Patrimonio has closed 18 investment deals valued at €761 mln, acquiring 28 assets with a GLA of 550,490 m².
Source: Axiare Patrimonio
