Axiare Patrimonio Asset Portfolio

Ortega y Gasset 29, 5th
Floor
28006 – Madrid – España
Tel. +34 91 431 93 17
www.axiarepatrimonio.com
Printed in January 2016
(1) Valuation by CBRE Valuation Advisory at 31/12/2015, based on RICS standards. For all assets
acquired post 31/12/2015, data will be included in the next portfolio valuation to be released.
(2) CBRE Valuation Advisory, S.A. has proceeded to carry out the “theoretical breakdown and sum
of the items that have an impact on a real estate development”, in relation to the properties
that form part of the Axiare Patrimonio portfolio. The following cost items have been taken
into consideration for the analysis: land, construction cost, professional fees, licenses and
developer’s profit. These items have been determined in accordance with the market average
costs, depending on the location, use and specifications of the specific property. Once the
different items that have an impact on the property development have been calculated, we
have combined them and discounted them in line with the age of each asset, thus obtaining
the sum of the net replacement cost of the properties in Axiare Patrimonio’s portfolio. Under
no circumstances does the final amount obtained correspond to the Market Value or the
Depreciated Replacement Cost of the assets.
(3) Historic data has been collected between 2000 and 2015 by CBRE.
(*) Source: CBRE
The graphs in this document have been prepared by Axiare Patrimonio by referencing aggregate data
issued by CBRE on opinions of transactional values, which in no case may be construed as regulated
valuations (RICS, ECO or any others). This report was prepared in January 2016 and only Axiare
Patrimonio may rely on it. Hence, CBRE does not grant any guarantee or assume any responsibility
whatsover in relation to the readers of this data, nor does it assume any responsibility to provide any
form of clarification and/or additional information.

Asset Portfolio
Axiare Patrimonio’s property portfolio is mainly comprised of
prime office buildings located in the most established areas in
Madrid and Barcelona, which have registered the highest rental
and investment activity over the past few property cycles: Madrid
and Barcelona’s Central Business Districts (CBD) as well as other
consolidated business districts such as Campo de las Naciones and
Arroyo de la Vega, in Madrid. While offices represent 70% of our
portfolio, approximately 20% of the funds raised have been allocated
to logistics platforms located alongside Spain’s most important
highways, such as the Madrid-Barcelona highway and periphery areas
outside of Barcelona and Seville. Axiare Patrimonio has also diversified
in other commercial real estate, which accounts around a 10% of the
portfolio.
The company’s policy is to invest in highly established areas that are
to perform well when the economy improves, in order to achieve
higher returns in the shortest period of time possible. Axiare
Patrimonio strategically invests in properties whose prices are below
replacement value represent excellent opportunities, when taking
into consideration historic prices. The property active management is
aimed at improving the quality, efficiency, income and sustainability of
the properties, with particular emphasis on improving tenant loyalty
and cash-flow stability.
Axiare Patrimonio takes into consideration the potential value uplift
that can be achieved via active asset management

SPAIN
MADRID AND
SURROUNDINGS
MADRID
FRANCE
PORTUGAL
TARRAGONA
ALGECÍRAS
VALENCIA
BILBAO
LA CORUÑA
MÁLAGA
SEVILLA
BARCELONA
! Offices
! Logistics
! Retail & Others
Asset Portfolio
17
29
26 28
27
24
22
21
19
18
20
25
23
OFFICES
MADRID
! Fernando El Santo
! Manuel de Falla
! Velázquez
! Don Ramón de la Cruz
! Francisca Delgado
! Avenida de la Vega
! Avenida de Bruselas
! Ribera del Loira
! Tucumán
! Cristalia 2&3
! Cristalia 5&6
! Ramírez de Arellano
! JILT 6
! JILT 14
! Alcalá
BARCELONA
! Diagonal
LOGISTICS
MADRID
! Rivas
! Camarma
! Guadalix
! Azuqueca de Henares
! Cabanillas
CATALONIA
! Valls
! Constantí
SEVILLE
! Dos Hermanas
RETAIL & OTHERS
MADRID
! Planetocio
! Las Mercedes Open Park
! Madrid Norte Hotel
CATALONIA
! Les Gavarres
Central BD
Arroyo de la Vega BD
Campo de
las Naciones BD
M30-A2 BD
2
1
3
4
5
7
6
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

65
7
10
11
8
9
14
15
13
12
4
1
3
2
CBD
Campo de las Naciones BD
M30-A2 BD
MADRID CITY
M30
M40
A3
TO ANDALUCÍA
A1
TO FRANCE
A3
TO VALENCIA
A2
TO BARCELONA
A5
TO PORTUGAL
A6
TO GALICIA
26
27

Fernando el Santo
OFFICES
Fernando el Santo 15, Madrid
CBD
42
CPS
3,254
GLA (sqm)
5,071
¤/sqm
FERNANDO
EL SANTO
PºDELACASTELLANA
CALLE
GÉNOVA
CALLE DE ALCALÁ
CALLEDESERRANO
CALLE
DE
ALM
AGRO

DESCRIPTION
Fully redeveloped, prime office building, acquired in September 2014 from Wereldhave. The property
features an elegant period façade and is considered a listed heritage property. It is arranged over
six floors with a standard floor plate of 695 sqm, and benefits from basement car parking, which is
unusual for a building of its type in this location.
LOCATION
Prime office building located in the heart of Madrid’s CBD, in the exclusive Chamberí neighbourhood,
just two blocks away from Paseo de la Castellana with direct access to the city’s main roads.
Acquisition date Sept. 2014
Net Asset Price ¤16.50m
Gross Asset Price ¤16.81m
Cap. Value 5,071¤/sqm
Market Value1
(Dec. 15) ¤26.00m
MKT Value Price 7,990¤/sqm
Revaluation +58%
KEY FACTS
CAPITAL APPRECIATION RENTAL COMPARISON
Highest Avg. Capital Value in Area*3
Asset Acquisition Price
Asset Market Value*1
Avg. Historic Market Value in Area*3
Development Cost*2
(*) Source: CBRE
Highest Avg. Rent in Area*3
Current Rent in the Building
Avg. Historic Market Rent in Area*3
Current Avg. Market Rent in Area*
(*) Source: CBRE

Manuel de Falla
OFFICES
Manuel de Falla 7, Madrid
CBD
39
CPS
6,244
GLA (sqm)
4,965
¤/sqm
MANUEL
DE FALLA
SANTIAGO
BERNABEU
AZCA
PºDELACASTELLANA
AVDA. DE CONCHA ESPINA
AVDA. GENERAL PERÓN

DESCRIPTION
Forward purchase of a Class A office building located in Madrid´s CBD. The building, currently under
refurbishment, offers 6,244 sqm GLA distributed over four above ground floors plus a basement
with 39 car parking spaces. The building has been designed to the highest specifications by architect
Gabriel Allende and will be delivered with LEED Gold certification. Large, flexible rectangular
floorplates of 1,400 sqm. Ideal HQ building for medium-size company looking to relocate to the Paseo
de la Castellana area.
LOCATION
CBD location “one block behind” Paseo de la Castellana and on the doorstep of the AZCA business
district, an area with high demand and severe lack of quality office space. Comprehensive network
of public and private transport connectivity including Metro (Santiago Bernabeu) and Regional Rail
(Nuevos Ministerios), as well as access to the M30 and M40 orbital motorways and the A1 and A2
motorways.
Acquisition date Nov. 2014
Market Value1
(Dec. 15) ¤39.00m
Revaluation +26%
KEY FACTS
Development Cost*2
(*) Source: CBRE (*) Source: CBRE
The redevelopment project is expected to be
fully completed in April 2016.

Velázquez
OFFICES
Padilla 17, Madrid
CBD
122
CPS
14,979
GLA (sqm)
5,030
¤/sqm
CITY
CENTRE
JUAN BRAVO
SERRANO
VELÁZQUEZ
PºDELACASTELLANA

DESCRIPTION
Prime office building located in the heart of Madrid’s exclusive Salamanca district, acquired in June
2015 from Sareb. Salamanca is home to major corporations including Citi, Morgan Stanley, BNP
Paribas, Banca March and Banco Sabadell. Velázquez offers tenants floor plates of over 2,000 sqm,
which is rare in this location, and 122 underground car parking spaces. Its prominent corner position
provides the property with excellent visibility.
LOCATION
Velázquez is located on a prominent corner in the heart of the Salamanca district in Madrid’s CBD. The
property benefits from a wide selection of local services within walking distance, as well as Madrid’s
“Golden Mile” for luxury retail, calle Ortega y Gasset. Easy access to the M30 and A2 motorways is
provided via Avenida de America which is less than 1 km from the property.
Acquisition date June 2015
Market Value1
(Dec. 15) ¤80.15m
Revaluation +6%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Don Ramón de la Cruz
OFFICES
Don Ramón de la Cruz 82, Madrid
CBD
91
CPS
10,181
GLA (sqm)
3,214
¤/sqm
CITY
CENTRE
DON RAMÓN
DE LA CRUZ
PRÍNCIPEDEVERGARA
VELÁZQUEZ
SERRANO
PASEODELACASTELLANA
JUAN BRAVO
ALCALÁ

DESCRIPTION
Large quality office building located in Madrid’s Salamanca district, acquired in October 2015 from
Telefónica. The building occupies a corner position and benefits from good visibility. Large floor
plans of approximately 2,000 sqm, as well as 91 underground car parking spaces. Ideal HQ building in
Madrid’s CBD and within walking distance of Paseo de la Castellana.
LOCATION
Located in the eastern part of Madrid’s Salamanca district. The property benefits from a wide
selection of local services within walking distance. Excellent transport connections: Lista Metro station
is located less than a 2 minute walk from the building and easy access to the M30, and A2 motorways
is provided via Avenida de America which is approximately 1.2 km from the property.
KEY FACTS
Development Cost*2
Acquisition date Oct. 2015
Market Value1
(Dec. 15) ¤34.80m
Revaluation +6%

Francisca Delgado
OFFICES
Francisca Delgado 11, Madrid
395
CPS
17,267
GLA (sqm)
1,665
¤/sqm
A1
FRANCISCA
DELGADO

DESCRIPTION
Axiare Patrimonio’s first acquisition, this Grade A office building, located in the Arroyo de la Vega
office area, was acquired in July 2014 from IVG. Developed in 2001 and designed by Rafael de la Hoz,
the building is arranged over five storeys and provides flexible accomodation with office modules from
300 - 3,000 sqm. Two basement floors provide 316 parking spaces with a further 79 exterior spaces.
LOCATION
The asset is located in Madrid’s Arroyo de la Vega office area, and benefits from excellent access
to the airport, the CBD and the city’s orbital motorways. The property is less than a seven minutes
walking distance from La Moraleja Metro station. It is highly visible from the A1 motorway and well
positioned for corporate signage.
Acquisition date July 2014
Market Value1
(Dec. 15) ¤40.00m
Revaluation +39%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

OFFICES
447
CPS
22,578
GLA (sqm)
2,303
¤/sqm
Avenida de la Vega
Avenida de la Vega 15, Madrid
A1
AVENIDA
DE LA VEGA

DESCRIPTION
Class A office complex acquired in September 2014 from Credit Suisse Asset Management. Developed
by Levitt in 2000 and in a very good state of repair, it comprises four 8-storey office buildings
totalling 22,578 sqm and 420 parking spaces distributed over two underground levels as well as 27
exterior parking spaces.
LOCATION
The asset is located in Madrid’s Arroyo de la Vega office area, and benefits from excellent access to
the airport, the CBD and the city’s orbital motorways. The property is less than seven minutes walking
distance from La Moraleja Metro station. It is highly visible from the A1 motorway and well positioned
for corporate signage.
KEY FACTS
Market Value1
(Dec. 15) ¤59.00m
Revaluation +13%
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Avenida de Bruselas
OFFICES
Avenida de Bruselas 38, Madrid
364
CPS
14,547
GLA (sqm)
1,890
¤/sqm
A1
AVENIDA DE
BRUSELAS

DESCRIPTION
Large high quality office building located in the established Arroyo de la Vega office market, acquired
in September 2015. The building benefits from excellent visibility from the A1 motorway and provides
flexible accomodation with floor plates of 2,836 sqm, as well as 364 car parking spaces across 4
basement levels.
LOCATION
The building is located in the best area of the Arroyo de la Vega office market, nearest the CBD. It
overlooks the A1 motorway and benefits from very good accessibility to Barajas airport (9 minutes),
CBD (8 minutes) and the city’s orbital motorways.
KEY FACTS
(*) Source: CBRE
Development Cost*2
(*) Source: CBRE
Market Value1
(Dec. 15) ¤32.10m
Revaluation +17%

Ribera del Loira
OFFICES
Ribera del Loira 28, Madrid
370
CPS
12,822
GLA (sqm)
3,666
¤/sqm
RIBERA DEL
LOIRA
M40

DESCRIPTION
Class A modern office building, developed in 2002, and located in a prominent position overlooking
the M40 in Madrid’s Campo de las Naciones office area. It was acquired in December 2014 from
Credit Suisse Asset Management. This six storey office building comprises 12,822 sqm distributed in a
U-shape around a central atrium. Two basement floors accommodate 370 car parking spaces.
LOCATION
Located in the Campo de las Naciones area – considered to be Madrid’s most established and
attractive office area outside the CBD. It is strategically located midway between the airport and
the CBD. It enjoys excellent public transport connections and vehicular access, and benefits from
prominent visibility from the city’s M40 orbital motorway.
Acquisition date Dec. 2014
Market Value1
(Dec. 15) ¤48.20m
Revaluation +3%
KEY FACTS
Development Cost*2
(*) Source: CBRE
Current Rent in the Building**
(*) Source: CBRE
(**) Current rental level includes
significant tenant incentives provided
at the start of lease contracts by
previous owner. Rental adjustments
would imply an 18% discount on the
current rental level.

Tucumán
OFFICES
Glorieta Mar Caribe 1, Madrid
170
CPS
6,327
GLA (sqm)
3,714
¤/sqm
M40
TUCUMÁN
A2

DESCRIPTION
Freestanding Class A office building, developed in 2006, and acquired in March 2015 from Blackstone.
The property comprises five office floors of approximately 1,000 sqm each, as well as a large 1,241
sqm retail unit and 170 underground car parking spaces. The building benefits from excellent visibility
with potential for corporate signage, as well as good levels of natural light given its prominent corner
position.
LOCATION
Tucumán is located in Phase II of Madrid’s Campo de las Naciones area, between the airport (10
minutes) and CBD (15 minutes) in one of the strongest office markets outside the CBD. Road links are
excellent to the A2 and M40 orbital motorway. Very good level of local amenities, including El Corte
Inglés department store at less than 350 m walking distance.
Acquisition date Mar. 2015
Market Value1
(Dec. 15) ¤24.50m
Revaluation +4%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Cristalia 2&3
OFFICES
Vía de los Poblados 3, Madrid
391
CPS
17,338
GLA (sqm)
3,057
¤/sqm
CRISTALIA
2&3
M40

DESCRIPTION
Twin office buildings acquired in December 2014 from Credit Suisse Asset Management. The buildings
are located in the Cristalia Business Park in the Campo de las Naciones area. Seven storey buildings
developed in 2007, which provide 17,338 sqm of highly efficient, column-free accommodation. They
share a two storey basement car park with 375 spaces and a further 16 exterior spaces.
LOCATION
Located in the Campo de las Naciones area – considered to be Madrid’s most established and
attractive office market outside the CBD. It is strategically located midway between the airport and
the CBD. It benefits from a metro station nearby and excellent vehicular access to the following major
motorways: M40, M11, A1, A2. R2. It has excellent visibility for corporate signage.
Market Value1
(Dec. 15) ¤58.15m
Revaluation +10%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Cristalia 5&6
OFFICES
Vía de los Poblados 3, Madrid
381
CPS
17,587
GLA (sqm)
2,786
¤/sqm
CRISTALIA
5&6
M40

DESCRIPTION
Two highly efficient freestanding Class A office buildings located in the consolidated Cristalia Business
Park in the Campo de las Naciones area. It was acquired in May 2015 from Deutsche Bank. Prominent
position on the M11 orbital motorway with excellent visibility and potential corporate signage. Cristalia
Business Park comprises almost 100,000 sqm of offices plus a modern hotel. The property provides
quality, modern office acccommodation with column-free floor plates of 1,466 sqm and boasts 381
underground car parking spaces.
LOCATION
Twin office buildings located in the Cristalia Business Park, within the Campo de las Naciones area,
which is considered to be one of Madrid’s most established and attractive office markets outside the
CBD given its strategic location between the airport and the CBD. It benefits from a metro station
nearby and excellent vehicular access to the following major motorways: M40, M11, A1, A2. R2.
Acquisition date May 2015
Market Value1
(Dec. 15) ¤56.00m
Revaluation +14%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Ramírez de Arellano
OFFICES
Ramírez de Arellano 15, Madrid
M30-A2 BD
112
CPS
6,916
GLA (sqm)
2,386
¤/sqm
CITY
CENTRE
GETAFE
TORREJON
DE ARDOZ
RIVAS
VACIAMADRID
COSLADA
ARGANDA
DEL REY
PºDELACASTELLANA
MONCLOA
ARAVACA
SALAMANCA
MADRID
CENTRO RETIRO
ARGANZUELA
CHAMARTÍN
HORTALEZA
CIUDAD
LINEAL
SAN BLAS
CANILLEJAS
MORATALAZ
PUENTE
DE VALLECAS
CITY
CENTRE
RAMÍREZ DE
ARELLANO
PºDELACASTELLANA
M30
M30
A2

DESCRIPTION
Recently refurbished freestanding office building located in the M30-A2 office market, acquired
in July 2015 from Montana Summa. The building comprises 6,916 sqm of office space, distributed
across ground plus 6 upper floors. Average floor plate of approximately 1,000 sqm, divisible into two
modules. The property also enjoys 112 underground car parking spaces. Surrounding tenants include
IBM, Iberia, AXA, BNP Paribas and General Electric.
LOCATION
Located in Madrid’s A2 motorway, close to the junction with the M30 orbital motorway. Building
strategically located behind AXA’s and BNP Paribas’ new Spanish HQs. The A2 corridor stands out for
its close proximity to CBD (7 minute drive), the M30 and Barajas airport (7 minute drive). Arturo Soria
Metro station and Arturo Soria Plaza shopping centre are both within short walking distance.
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE
Acquisition date Jul. 2015
Market Value1
(Dec. 15) ¤19.00m
Revaluation +15%

JILT 6
OFFICES
Juan Ignacio Luca de Tena 6, Madrid
M30-A2 BD
190
CPS
4,560
GLA (sqm)
2,083
¤/sqm
JUAN IGNACIO
LUCA DE TENA 6
ALCALÁ
A2

DESCRIPTION
Recently built modern office building (construction date 2011) comprising 4,560 sqm of offices
distributed across five floors of approximately 560 sqm each, and 190 underground car parking
spaces. The building benefits from excellent visibility from the A2 motorway with potential for
corporate signage. Surrounding tenants include L’Oréal, Banco Popular, General Electric and
Vodafone.
LOCATION
JILT 6 is located in Madrid’s M30-A2 (Madrid – Barcelona motorway) office area, less than 200 m
from Banco Popular’s new global HQ. The A2 corridor stands out for its strategic location and close
proximity to CBD (7 minute drive), the M30 orbital motorway and Barajas airport (7 minute drive).
Excellent public transport links and local amenities in the vicinity, including Arturo Soria Plaza
shopping centre.
KEY FACTS
(*) Source: CBRE(*) Source: CBRE
Development Cost*2
Market Value1
(Dec. 15) ¤9.70m
Revaluation +2%

JILT 14
OFFICES
Juan Ignacio Luca de Tena 14, Madrid
M30-A2 BD
195
CPS
8,032
GLA (sqm)
2,117
¤/sqm
JUAN IGNACIO
LUCA DE TENA 14
ALCALÁ
A2

DESCRIPTION
Modern office building with fully refurbished interiors. The offices are distributed across four floors
of approximately 1,770 sqm each, divisible into four modules. The ground floor comprises 1,300
sqm of retail, providing convenient amenities to the office tenants. The building benefits from 195
underground car parking spaces and from excellent visibility from the A2 motorway with potential
for corporate signage. Surrounding tenants include L’Oréal, Banco Popular, General Electric and
Vodafone.
LOCATION
JILT 14 is strategically located directly opposite Banco Popular’s new global HQ, in Madrid’s M30-A2
(Madrid – Barcelona motorway) office area. The A2 corridor stands out for its close proximity to the
CBD (7 minute drive), the M30 orbital motorway and Barajas airport (7 minute drive). Excellent public
transport links and local amenities in the vicinity, including Arturo Soria Plaza shopping centre.
Acquisition date Mar. 2015
Market Value1
(Dec. 15) ¤18.00m
Revaluation +6%
KEY FACTS
Development Cost*2

Alcalá
OFFICES
Alcalá 506, Madrid
M30-A2 BD
198
CPS
6,260
GLA (sqm)
1,917
¤/sqm
ALCALÁ
ALCALÁ
A2

DESCRIPTION
Good quality and well maintained office building located on Calle Alcalá, one of Madrid’s main arteries,
and bought in September 2015. The asset has large office floor plates of approx. 1,400 sqm, retail use
on the ground floor and 198 underground car parking spaces.
LOCATION
The building is located close to the M30-A2 business district. Excellent accessibility to airport (less
than 10 minute drive), CBD and city’s orbital motorways. Suanzes Metro station is situated less than a
minute walk from the property.
KEY FACTS
Development Cost*2
Market Value1
(Dec. 15) ¤13.40m
Revaluation +12%

Diagonal
OFFICES
Diagonal 197, Barcelona
22@CBD
251
CPS
15,351
GLA (sqm)
3,453
¤/sqm
DIAGONAL
197
AVDA. DIAGONAL
AVDA.MERIDIANA
G
R
A
N
V
IA
D
E
LES
C
O
R
TS
AVDA.MERIDIANA
G
R
A
N
V
IA
D
E
LES
C
O
R
TS
PLAÇA DE
LES GLORIES
CATALANES

DESCRIPTION
Landmark office tower located on Barcelona’s principal thoroughfare, Avenida Diagonal, and acquired
in December 2014 from Credit Suisse Asset Management. This striking 17 storey building was
developed by Laietana in 2007. It provides 15,351 sqm GLA with 222 car spaces distributed over three
basement floors with a further 29 motorbike spaces.
LOCATION
Located within the city’s 22@ regeneration area near the junction of Diagonal with Plaza Glories, and
within close proximity to the iconic Agbar Tower and Unibail Rodamco’s regional shopping centre Les
Glories. Public transport provision is excellent with Metro, bus and tram connectivity.
Market Value1
(Dec. 15) ¤58.00m
Revaluation +9%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Rivas
LOGISTICS
Mariano Benlliure s/n, Rivas – Madrid
Madrid 1st
Ring
35,248
GLA (sqm)
482
¤/sqm
34
Loading Bays
RIVAS
VALENCIA
A3

DESCRIPTION
Modern Class A logistics platform acquired in September 2014 from Wereldhave. One of the best
quality logistics facilities on the A3 corridor. It benefits from modern and flexible space, with a 10m
free-height, parking spaces and 34 loading bays. The platform comprises two buildings, which ensures
flexible space.
LOCATION
Located in Rivas Vaciamadrid, a strategic location 17 km to the south-east of Madrid, on the A3
motorway (Madrid-Valcencia). Metro station adjacent to the property.
Cap. Value 482¤/sqm
Market Value1
(Dec. 15) ¤19.50m
MKT Value Price 553¤/sqm
Revaluation +15%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Camarma
LOGISTICS
La Raya Industrial Estate, Camarma de Esteruelas – Madrid
Madrid 2nd
Ring (Corredor del Henares)
70,296
GLA (sqm)
370
¤/sqm
107
Loading Bays
CITY
CENTRE
LODONES
LAS ROZAS
MAJADAHONDA
POZUELO
FRANCISCA
DELGADO
SAN SEBASTIAN
DE LOS REYES
FUENCARRAL
EL PARDO
SA
N
MÓSTOLES
ALCORCÓN
LEGANÉS
FUENLABRADA
GETAFE
TORREJON
DE ARDOZ
ALCALÁ
DE HENARES
RIVAS
VACIAMADRID
COSLADA
PARLA
SAN MARTÍN
DE LA VEGA
ARGANDA
DEL REY
TRES CANTOS
SAN AGUSTÍN
DE GUADALIX
PºDELACASTELLANA
MONCLOA
ARAVACA
SALAMANCA
MADRID
CENTRO RETIRO
ARGANZUELA
CHAMARTÍN
HORTALEZA
CIUDAD
LINEAL
SAN BLAS
CANILLEJAS
MORATALAZ
PUENTE
DE VALLECAS
VALVERDE
MADRID
CAMARMA
A2
R2
A1
A3
M50
BARCELONA

DESCRIPTION
State of the art logistics warehouse developed in 2002 by Riofisa, acquired in October 2014 from
LEGII (LaSalle Investment Management). The warehouse, which includes a subsequent extension
carried out in 2004, totals 70,296 sqm GLA (including 1,256 sqm office space) and offers 107 loading
bays.
LOCATION
The asset is located on the Corredor del Henares, a strategic location 35 minutes from Madrid, which
benefits from the excellent road and rail transport links to Spain’s main freight ports, as well as direct
access to the A2 motorway (Madrid - Zaragoza - Barcelona).
Market Value1
(Dec. 15) ¤31.50m
Revaluation +21%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Guadalix
LOGISTICS
La Lobera 5, San Agustín de Guadalix – Madrid
Madrid 2nd
Ring
14,945
GLA (sqm)
301
¤/sqm
22
Loading Bays
CITY
CENTRE
TORRELODONES
LAS ROZAS
MAJADAHONDA
POZUELO
FRANCISCA
DELGADO
SAN SEBASTIAN
DE LOS REYES
FUENCARRAL
EL PARDO
VILLAVICIOSA
DE ODÓN
MÓSTOLES
ALCORCÓN
LEGANÉS
FUENLABRADA
GETAFE
TORREJON
DE ARDOZ
ALCALÁ
DE HENARES
RIVAS
VACIAMADRID
COSLADA
PARLA
SAN MARTÍN
DE LA VEGA
ARGANDA
DEL REY
TRES CANTOS
SAN AGUSTÍN
DE GUADALIX
PºDELACASTELLANA
MONCLOA
ARAVACA
SALAMANCA
MADRID
CENTRO RETIRO
ARGANZUELA
CHAMARTÍN
HORTALEZA
CIUDAD
LINEAL
SAN BLAS
CANILLEJAS
MORATALAZ
PUENTE
DE VALLECAS
VALVERDE
10 Km
CITY
CENTRE
GUADALIX
A1
M40
BILBAO

DESCRIPTION
Logistics warehouse developed in 2001 by Riofisa, acquired in October 2014 from LEGII (LaSalle
Investment Management). The warehouse comprises two adjoining modules, with a total GLA of
14,945 sqm (including 445 sqm office space) and 22 loading bays.
LOCATION
Located in a consolidated industrial estate 30 km north of Madrid (2nd
ring), with immediate access to
the A1 motorway (Madrid - Burgos - France).
Market Value1
(Dec. 15) ¤7,60m
Revaluation +69%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Azuqueca
LOGISTICS
Avda. Constitución 9, Azuqueca de Henares – Guadalajara
Madrid 2nd
35,781
GLA (sqm)
405
¤/sqm
28
Loading Bays
CITY
CENTRE
TORRELODONES
LAS ROZAS
MAJADAHONDA
POZUELO
FRANCISCA
DELGADO
SAN SEBASTIAN
DE LOS REYES
FUENCARRAL
EL PARDO
VILLAVICIOSA
DE ODÓN
MÓSTOLES
ALCORCÓN
LEGANÉS
FUENLABRADA
GETAFE
TORREJON
DE ARDOZ
ALCALÁ
DE HENARES
RIVAS
VACIAMADRID
COSLADA
PARLA
SAN MARTÍN
DE LA VEGA
ARGANDA
DEL REY
TRES CANTOS
SAN AGUSTÍN
DE GUADALIX
PºDELACASTELLANA
MONCLOA
ARAVACA
SALAMANCA
MADRID
CENTRO RETIRO
ARGANZUELA
CHAMARTÍN
HORTALEZA
CIUDAD
LINEAL
SAN BLAS
CANILLEJAS
MORATALAZ
PUENTE
DE VALLECAS
VALVERDE
MADRID
AZUQUECA
A2
R2
A1
A3
M50
BARCELONA

DESCRIPTION
Prime logistics warehouse acquired in July 2014 from CBRE Global Investors. The warehouse
comprises a total GLA of 35,781 sqm and 28 loading bays. The platform was built to comply with the
highest standards and is in excellent conditions.
LOCATION
The asset is located on the Corredor del Henares, a strategic location 35 minutes from Madrid, which
benefits from the excellent road and rail transport links to Spain’s main freight ports, as well as direct
access to the A2 motorway (Madrid - Zaragoza - Barcelona).
Market Value1
(Dec. 15) ¤15.60m
Revaluation +8%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Cabanillas
LOGISTICS
Rayo 5, Cabanillas del Campo – Guadalajara
Madrid 3er
37,879
GLA (sqm)
440
¤/sqm
34
Loading Bays
CITY
CENTRE
COLLADO
VILLALBA
TORRELODONES
LAS ROZAS
MAJADAHONDA
POZUELO
FRANCISCA
DELGADO
SAN SEBASTIAN
DE LOS REYES
FUENCARRAL
EL PARDO
VILLAVICIOSA
DE ODÓN
MÓSTOLES
ALCORCÓN
LEGANÉS
FUENLABRADA
GETAFE
TORREJON
DE ARDOZ
ALCALÁ
DE HENARES
RIVAS
VACIAMADRID
COSLADA
PARLA
SAN MARTÍN
DE LA VEGA
ARGANDA
DEL REY
TRES CANTOS
SAN AGUSTÍN
DE GUADALIX
PºDELACASTELLA
NA
MONCLOA
ARAVACA
SALAMANCA
MADRID
CENTRO RETIRO
ARGANZUELA
CHAMARTÍN
HORTALEZA
CIUDAD
LINEAL
SAN BLAS
CANILLEJAS
MORATALAZ
PUENTE
DE VALLECAS
VALVERDE
MADRID
GUADALAJARA
CABANILLAS
A2
R2
A1
A3
M50
BARCELONA

DESCRIPTION
Recently built, modern and efficient logistics facilities, acquired in July 2014 from Gran Europa and
Altamira (Banco Santander). The property benefits from 34 loading bays, attractive office space
surrounded by landscaped area, and a large number of parking spaces.
LOCATION
Located in Cabanillas del Campo, on the Corredor del Henares, Spain’s No. 1 logistics hub.
The park is located adjacent to the A2 motorway and has direct access to the R2 toll road, which links
Madrid - Zaragoza - Barcelona - France.
Market Value1
(Dec. 15) ¤20.70m
Revaluation +24%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Valls
LOGISTICS
Moxignaga 5, Valls Industrial Estate – Tarragona
Barcelona 3rd
Ring
26,026
GLA (sqm)
173
¤/sqm
36
Loading Bays
SITGES
VILANOVA
I LA GELTRÚ
VILAFRENCA
DEL PENEDÈS
CASTELLDEFELS
EL PRAT DE
LLOBREGAT
L´HOSPITALET
DE LLOBREGAT
BADALONASANTA COLOMA
DE GRAMENET
MATARÓ
CERDANYOLA
SABADELL
TERRASA
MARTORELL
EL VENDRELL
REUS
SALOU
CAMBRILS
VILADECANS
SAN BOI DE
LLOBREGAT
RUBÍ
SAN CUGAT
DEL VALLÈS
GRANOLLERS
SAN FELIU
DE CODINES
ESPARREGUERA
MONISTROL DE
MONTSERRAT
IGUALADA
LA GUARDIA
DELS PRATS
CERVERA
MANRESA
LA GARRIGA
CAN BOSC
PREMIÀ DE DALT
MONTGAT
MONTCADA
I REIXAC
MOLLET
DEL VALLÈS
SANT ANDREU
DE LA BARCA
SANT FELIU
DE LLOBREGAT
GAVÀ
SANTA FE
DEL PENEDÈS
LLORENÇ DEL
PENEDÈS
VILA-RODONA
ALCOVER
VILA-SECA
LES BORGES
DEL CAMP
TÀRREGA
AGRAMUNT
CALAF
CALDES DE
MONTBUI
ELS HOSTALETS
DE BALENYÀ
SANT QUIRZE
DEL VALLÈS
SANT PERE
DE RIBES
LES ROQUETES
TARRAGONA
BARCELONAVALLS
AP7
AP7
A2
A2
AP2
TO MADRID
TO VALENCIA

DESCRIPTION
High quality logistics warehouse developed in 2003 by Copperfield, acquired in October 2014 from
LEGII (LaSalle Investement Management). The warehouse comprises two adjoining units, with a GLA
of 26,026 sqm (including 775 sqm office annex) and 36 loading bays.
LOCATION
Located in the established industrial estate of Valls (Tarragona), in Barcelona’s 3rd
logistics ring, with
easy access to the A2 motorway (Madrid-Zaragoza-Barcelona). Surrounding tenants include IKEA and
Kellogs Manufacturing. High speed train station is at less than 20 km linking Barcelona and Madrid.
Market Value1
(Dec. 15) ¤7.70m
Revaluation +71%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Constantí
LOGISTICS
Les Puntes, Constantí Industrial Estate – Tarragona
Barcelona 3rd
Ring
42,253
GLA (sqm)
320
¤/sqm
38
Loading Bays
AP7
AP2
SITGES
VILANOVA
I LA GELTRÚ
VILAFRENCA
DEL PENEDÈS
CASTELLDEFELS
EL PRAT DE
LLOBREGAT
L´HOSPITALET
DE LLOBREGAT
DE GRAMENET
MATARÓ
CERDANYOLA
SABADELL
TERRASA
MARTORELL
EL VENDRELL
REUS
SALOU
CAMBRILS
VILADECANS
SAN BOI DE
LLOBREGAT
RUBÍ
SAN CUGAT
DEL VALLÈS
GRANOLLERS
SAN FELIU
DE CODINES
ESPARREGUERA
MONISTROL DE
MONTSERRAT
IGUALADA
LA GUARDIA
DELS PRATS
CERVERA
MANRESA
LA GARRIGA
CAN BOSC
PREMIÀ DE DALT
MONTGAT
MONTCADA
I REIXAC
MOLLET
DEL VALLÈS
SANT ANDREU
DE LA BARCA
SANT FELIU
DE LLOBREGAT
GAVÀ
SANTA FE
DEL PENEDÈS
LLORENÇ DEL
PENEDÈS
VILA-RODONA
ALCOVER
VILA-SECA
LES BORGES
DEL CAMP
TÀRREGA
AGRAMUNT
CALAF
CALDES DE
MONTBUI
ELS HOSTALETS
DE BALENYÀ
SANT QUIRZE
DEL VALLÈS
SANT PERE
DE RIBES
LES ROQUETES
TARRAGONA
BARCELONA
CONSTANTÍ
AP7
A2
A2
TO MADRID
AP7 TO VALENCIA

DESCRIPTION
State of the art, modern and efficient Class A logistics facilities scheme, acquired in July 2015 from
AXA Real Estate. Developed in 2008 by GSE, the complex was built to the highest standards in
terms of materials, functionality, technical specifications, and security for tenants. It comprises two
warehouses each of approximately 21,000 sqm, both divisable in two independent modules, and 38
loading bays.
LOCATION
Located in an established industrial estate in Tarragona, in Les Puntes Industrial Park (Constantí).
Constantí is situated south of Barcelona with easy access to Valencia (AP7), Zaragoza (AP2) and
Madrid (AP2) motorways. The warehouse is also at 20 km from the high speed train station linking
Barcelona and Madrid, and at 6 km from Reus airport.
KEY FACTS
(*) Source: CBRE
Development Cost*2
(*) Source: CBRE
Acquisition date Jul. 2015
Market Value1
(Dec. 15) ¤14.10m
Revaluation +4%

Dos Hermanas
LOGISTICS
La Isla Industrial Estate, Dos Hermanas – Sevilla
Seville 1st
Ring
42,466
GLA (sqm)
222
¤/sqm
54
Loading Bays
SEVILLA
FUENTE DEL REY
DOS HERMANAS
ALCALÁ DE
GUADAIRA
MONTEQUINTOGELVES
MAIRENA
DEL ALJARAFE
SAN JUAN DE
AZNALFARACHE
PALOMARES
DEL RIO
CORIA DEL RIO
LLULLOS DE
A MITACIÓN
CAMAS
CASTILLEJA
DE LA CUESTA
SANTIPONCE
SALTERAS
VALENCIA DE
LA CONCEPCIÓN
BORMUJOS
GINES
ESPARTINAS
LANUEVA
ARISCAL
LA PUEBLA
DEL RIO
ALMENSILLA
VALDEZORRAS
SAN RAFAEL
TORRE PALMA
LA ALGABA
SEVILLA
DOS
HERMANAS
A92
SE30
N4
A4
ALGECIRAS

DESCRIPTION
Large logistics platform acquired in July 2014 from CBRE Global Investors. The facilities have been
modernised over the past years and comply with the required standards for a high performance
operator. The warehouse comprises 42,466 sqm and 54 loading bays. The platform serves as
Carrefour’s distribution centre for Andalusia, Canary Islands and Extremadura.
LOCATION
Strategically located in one of the best logistics areas of Andalusia, in the Carretera de la Isla
Industrial Estate, 12 km from Seville’s city centre, with direct access to the A4 motorway
(Madrid - Seville - Cadiz) and the SE30 Seville ring road. Located close to the train station,
inter-city bus stops and 18 km from the airport.
Market Value1
(Dec. 15) ¤13.60m
Revaluation +44%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Planetocio
OTHERS
Juan Carlos I, Collado Villalba – Madrid
A6
797
CPS
19,222
GLA (sqm)
728
¤/sqm
CITY
CENTRE
COLLADO
VILLALBA
TORRELODONES
LAS ROZAS
MAJADAHONDA
POZUELO
FRANCISCA
DELGADO
SAN SEBASTIAN
DE LOS REYES
FUENCARRAL
EL PARDO
VILLAVICIOSA
DE ODÓN
MÓSTOLES
ALCORCÓN
LEGANÉS
FUENLABRADA
GETAFE
TORREJON
DE ARDOZ
ALCALÁ
DE HENARES
RIVAS
VACIAMADRID
COSLADA
PARLA
SAN MARTÍN
DE LA VEGA
ARGANDA
DEL REY
TRES CANTOS
SAN AGUSTÍN
DE GUADALIX
PºDELACASTELLANA
MONCLOA
ARAVACA
SALAMANCA
MADRID
CENTRO RETIRO
ARGANZUELA
CHAMARTÍN
HORTALEZA
CIUDAD
LINEAL
SAN BLAS
CANILLEJAS
MORATALAZ
PUENTE
DE VALLECAS
VALVERDE
10 Km
GUADALAJARA
CITY
CENTRE
PLANETOCIO
M30
A1A6
A5
M40

DESCRIPTION
Neighbourhood leisure/retail centre located in Collado Villalba (Madrid), acquired in September 2014
from Wereldhave. Fully refurbished from 2009 to 2012, the centre has undergone a stabilisation
process, already producing positive signs in terms of footfall and leasing activity. The leisure/retail
centre comprises two floors above ground and features a mall of 18,085 sqm, plus 1,700 sqm of
terraces occupied by restaurants including VIPS and McDonalds. Excellent parking provision with 797
underground parking spaces.
LOCATION
Located on the main high street of Collado Villalba, a 60,000 inhabitant town situated 35 km north of
Madrid’s city centre, with excellent access from the A6 highway. A Mercadona supermarket is located
adjacent to the leisure/retail centre.
Market Value1
(Dec. 15) ¤15.60m
Revaluation +11%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Las Mercedes Open Park
OTHERS
Campezo 12, Madrid
A2
540
CPS
21,111
GLA (sqm)
1,847
¤/sqm
CITY
CENTRE
POZUELO
FRANCISCA
DELGADO
SAN SEBASTIAN
DE LOS REYES
FUENCARRAL
EL PARDO
CORCÓN
LEGANÉS
FUENLABRADA
GETAFE
TORREJON
DE ARDOZ
ALCALÁ
DE HENARES
RIVAS
VACIAMADRID
COSLADA
PARLA
SAN MARTÍN
DE LA VEGA
ARGANDA
DEL REY
PºDELACASTELLANA
MONCLOA
ARAVACA
SALAMANCA
MADRID
CENTRO RETIRO
ARGANZUELA
CHAMARTÍN
HORTALEZA
CIUDAD
LINEAL
SAN BLAS
CANILLEJAS
MORATALAZ
PUENTE
DE VALLECAS
VALVERDE
10 Km
CITY
CENTRE
LAS MERCEDES
OPEN PARK
PºDELACASTELLANA
M30
M30
A2
A3
M40
M40
M40

DESCRIPTION
Retail warehouse complex comprising three independent units, totalling over 21,000 sqm of GLA, plus
540 exterior car parking spaces.
LOCATION
The park is located in the east of Madrid, on the junction between the A2 and M14 motorways, and
adjacent to Plenilunio shopping centre, one of Madrid’s most dominant centres with tenants including
Primark, Media Markt, H&M and Zara.
KEY FACTS
Development Cost*2
Market Value1
(Dec. 15) ¤49.00m
Revaluation +26%

Madrid Norte Hotel
OTHERS
Parque Empresarial Omega, Madrid
212
CPS
10,447
GLA (sqm)
145
Rooms
1,005
¤/sqm
CITY
CENTRE
AS ROZAS
AJADAHONDA
POZUELO
FRANCISCA
DELGADO
SAN SEBASTIAN
DE LOS REYES
FUENCARRAL
EL PARDO
STOLES
ALCORCÓN
LEGANÉS
FUENLABRADA
GETAFE
TORREJON
DE ARDOZ
ALCALÁ
DE HENARES
RIVAS
VACIAMADRID
COSLADA
PARLA
SAN MARTÍN
DE LA VEGA
ARGANDA
DEL REY
TRES CANTOS
PºDELACASTELLANA
MONCLOA
ARAVACA
SALAMANCA
MADRID
CENTRO RETIRO
ARGANZUELA
CHAMARTÍN
HORTALEZA
CIUDAD
LINEAL
SAN BLAS
CANILLEJAS
MORATALAZ
PUENTE
DE VALLECAS
VALVERDE
10 Km
CITY
CENTRE
RAFAELHOTELES
MADRID NORTE
PºDELACASTELLANA
M30M30
A1
M40
M40

DESCRIPTION
New brand hotel developed in 2006 by Reyal Urbis and leased to Rafael Hoteles, a local hotel
operator. The hotel comprises 145 rooms, more than 1,700 sqm of space for events and meetings
and 212 indoor car parking spaces. The asset forms part of the Omega Business Park, a Grosvenor
development with over 60,000 sqm of office space.
LOCATION
The asset is located in Madrid’s Arroyo de la Vega office area, 17 km from the city centre, and benefits
from excellent access to the airport (5 minutes), the CBD and the city’s orbital motorways. It is highly
visible from the A1 motorway and well positioned for corporate signage.
Acquisition date Apr. 2015
Market Value1
(Dec. 15) ¤13.00m
Revaluation +24%
KEY FACTS
CAPITAL APPRECIATION
(*) Source: CBRE
Development Cost*2

Les Gavarres
OTHERS
Carretera de Reus 2, Tarragona
Tarragona
352
CPS
12,413
GLA (sqm)
2,175
¤/sqm
SITGES
VILANOVA
I LA GELTRÚ
VILAFRENCA
DEL PENEDÈS
CASTELLDEFELS
EL PRAT DE
LLOBREGAT
L´HOSPITALET
DE LLOBREGAT
DE GRAMENET
MATARÓ
CERDANYOLA
SABADELL
TERRASA
MARTORELL
EL VENDRELL
REUS
SALOU
CAMBRILS
VILADECANS
SAN BOI DE
LLOBREGAT
RUBÍ
SAN CUGAT
DEL VALLÈS
GRANOLLERS
SAN FELIU
DE CODINES
ESPARREGUERA
MONISTROL DE
MONTSERRAT
IGUALADA
LA GUARDIA
DELS PRATS
CERVERA
MANRESA
LA GARRIGA
CAN BOSC
PREMIÀ DE DALT
MONTGAT
MONTCADA
I REIXAC
MOLLET
DEL VALLÈS
SANT ANDREU
DE LA BARCA
SANT FELIU
DE LLOBREGAT
GAVÀ
SANTA FE
DEL PENEDÈS
LLORENÇ DEL
PENEDÈS
VILA-RODONA
ALCOVER
VILA-SECA
LES BORGES
DEL CAMP
TÀRREGA
AGRAMUNT
CALAF
CALDES DE
MONTBUI
ELS HOSTALETS
DE BALENYÀ
SANT QUIRZE
DEL VALLÈS
SANT PERE
DE RIBES
LES ROQUETES
TARRAGONA
BARCELONA
LES
GAVARRES
AP7
A2
A2
AP7
AP2

DESCRIPTION
Retail warehouse unit purchased in December 2014 from Credit Suisse Asset Management.
The unit is a single storey building with a retail GLA of 12,413 sqm and 352 parking spaces.
LOCATION
Located in the Les Gavarres Retail Park in Tarragona, Catalonia, adjacent to the A7 motorway.
The park is highly established with surrounding tenants including Carrefour, Leroy Merlin, Decathlon
and Media Markt.
Market Value1
(Dec. 15) ¤30.70m
Revaluation +14%
KEY FACTS
Development Cost*2
(*) Source: CBRE
(*) Source: CBRE

Ortega y Gasset 29, 5th
Floor
28006 – Madrid – España
Tel. +34 91 431 93 17
www.axiarepatrimonio.com

Axiare Patrimonio Asset Portfolio

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