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Axiare Patrimonio pays €35M for office asset in Spanish capital

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Capital Markets View – January 2021


Axiare Patrimonio pays €35M for office asset in Spanish capital

Axiare Patrimonio, in an off-market deal, acquired Spanish media group Vocento's headquarters in Madrid for €35 million, Property Magazine International reported, citing a Spanish-language news release.

The office building offers a gross lettable area of 10,147 square meters, more than 260 parking spaces and an additional 9,637 square meters of potential space that can be developed. This additional space gives the company the possibility of doubling the built area to about 20,000 square meters over ­five years.

The property, on Calle Juan Ignacio Luca de Tena, has undergone varied interior remodeling since 2002, according to the report. Vocento agreed to occupy the entire building for a minimum five-year lease.

Axiare Patrimonio CEO Luis López de Herrera-­Oria said the company will end 2016 with investments worth more than €300 million.

The company earlier in December made its biggest real estate acquisition of the year when it purchased the Calle Almagro 9 property in Madrid for €124 million. The asset is the headquarters of law firm Cuatrecasas Gonçalves Pereira.