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Axiare Patrimonio sells prime Madrid asset for €30M

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Axiare Patrimonio sells prime Madrid asset for €30M

Axiare Patrimonio finalized its first-ever sale with the disposal of the Calle Fernando El Santo 15 prime property in Madrid's central business district to an unidentified national investor for €30 million.

The sale price represents an 82% boost from the €16.5 million paid by the Spanish real estate investment trust, or SOCIMI, in September 2014 and a 5% increase from the asset's last valuation in June.

The six-story building spans 3,254 square meters and houses the headquarters of the Republic of Argentina's embassy and consulate. It also includes 42 underground parking spaces, according to a release.