Colonial has successfully completed the takeover bid launched on Axiare in November 2017. The company has ensured its control of Axiare with an 87% stake.
The Axiare assets, valued at €1,7m, transform the Spanish Group into the new European office giant, with more than €10bn of asset value. The company enhances its leadership in continental offices incorporating 1.7 million m² of GLA in operation and adding 330,000 m² under development.
With control of Axiare, Colonial consolidates its positioning as a leading European platform of prime offices in Paris, Madrid and Barcelona. The Axiare portfolio, with 74% of offices and 77% of the portfolio located in Madrid, offers a clear strategic complementarity in terms of location and characteristics of Colonial’s asset portfolio and reinforces the Colonial’s bet on office market in Madrid. In addition, the exposure to Spain will represent 44% of the total portfolio. The combined company portfolio will have 57% of its value located in Paris, while the office portfolio in Madrid and the asset portfolio in Barcelona represent 29% and 10%, respectively.
According to Pere Viñolas, Colonial’s CEO, “the objective set with this transaction was successfully completed, and it strengthens Colonial’s growth strategy for the coming years offering an attractive shareholders value creation potential based on the combination of both companies”.
