Axia Real Estate (AXIARE) has invested 鈧�180m in a portfolio of four office buildings in
Credit Suisse Asset Management Immobilien Kapitalangegesllschaft sold the portfolio of Madrid and Barcelona properties, along with a retail warehouse in Tarragona, in an off-market transaction.
The 57,924sqm portfolio is 鈥渁lmost fully let鈥� and takes AXIARE鈥檚 overall portfolio to 鈧�425m.
The company, which listed on the Spanish stock market five months ago, operates as a 鈥渂lind pool鈥� for investors confident in Spain鈥檚 recovery.
The emergence of Spanish REITS 鈥� or 鈥� correlates with the growing consensus Spain is over the worst and that the country鈥檚 macro-economic outlook, six years after the global financial crisis, is now improving.
AXIARE said 70% of its entire 387,810sqm portfolio was made up of prime, grade-A office buildings in Madrid and Barcelona鈥檚 centres and financial districts, with the remaining 30% in logistics and retail.
The purchase reflects a gross yield of around 6.6%.
Luis L贸pez de Herrera-Oria, chief executive at Axiare, said the company was currently studying 鈥渟everal potential real estate transactions鈥� and 鈥渓ooking to make further acquisitions in the coming months鈥�.
The recently acquired property portfolio currently reflects a gross yield of approximately 6.6%, which could reach 7.2%, once the vacant space is fully let at market rents.
The acquisition of these four properties was paid for with AXIARE equity and bank financing.
AXIARE last month bought an office building in central Madrid for 鈧�31m and in October three logistics warehouses for 鈧�35m.
The company also invested 鈧�99.5m in five office buildings, a logistics warehouse and a shopping and leisure centre in September.
