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Socimi Lar Acquires Two Buildings in Madrid For Joint €33.3 Mn

Yesterday, Lar España Real Estate Socimi bought a building of commercial type located in Villaverde (Madrid). The newly listed Spanish REIT purchased the property rented to Media Markt since 2003 for around €9.1 million. Constructed in 2002, until now it had belonged to Invesco Real Estate. The bulding´s GLA (gross lettable area) spans over 4.391 square meters distributed over two floors. Additionally, there are 114 parking spaces underground.

Today, Lar España Real Estate Socimi has closed a purchase of an office building found at the number 336 of the Arturo Soria street in Madrid. The REIT vehicle paid €24.2 million to IVG Institutional Funds GMBH for the property.

The nine-storey building presently houses companies like Clear Channel, Banco Santander and Segurcaixa Adeslas (occupying three floors alone), having an overall occupancy rate of more than 80%.

In total, the property offers an 8.663 m² GLA above the ground level, as well as 193 garage spaces.

This is the third investment of Lar España since its flotation on March 5th. The Socimi plans to improve the building with view to strengthen its perception in the area and optimize its energy efficiency.

The Socimi barged in the market with the purchase of two shopping malls: the Txingudi in Irun and the Las Huertas in Palencia earlier in March.

Together with that investment, the total amount spent on real estate by Lar España reached €72.7 million, representing about 18% of its IPO (€400 million).

The Socimi poaches office and retail properties in Spain.

Original article: Expansión (after: EFE), El Mundo
Translation: AURA REE

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