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Axiare Patrimonio makes its largest property acquisition of the year

Axiare Patrimonio purchased the Calle Almagro 9 property in Madrid, Spain, for €124.0 million in an off-market deal, making it the company's biggest real estate acquisition for 2016.

The company made the purchase by buying all the shares owned by Sociedad VENUSAUR SL, the property's owner, and assuming its existing loan.

Calle Almagro 9 has a gross lettable area of 15,094 square meters and 201 parking spaces. The acquisition allowed Axiare Patrimonio to consolidate its office portfolio with half of such properties being located in central business districts, CEO Luis López de Herrera-Oria said.

The property serves as the headquarters of law firm Cuatrecasas, Gonçalves Pereira.

The company's other properties in Madrid include the Manuel de Falla 7 building.

With its latest buy, Axiare Patrimonio's assets are worth a total of €1.23 billion, with a real estate portfolio made up of 71% office spaces, 18% logistics platforms and 11% retail warehouses.