Colonial Buys the Egeo Building in Madrid from Lar España for €79.3M

17 January 2018 – Eje Prime

Colonial is continuing to add assets to its portfolio. To this end, the Socimi has just purchased the Egeo building in Madrid from Lar España for €79.3 million, according to a report filed on Wednesday with the National Securities and Markets Commission (CNMV). The Egeo building has a surface area of 18,254 m2, spread over six above-ground floors, as well as almost 400 parking spaces.

Lar is whereby pushing ahead with the asset rotation plan that it announced last year, by divesting those properties that it considers non-strategic properties and whose value-creation plan it has completed, in order to invest in strategic assets, such as shopping centres and retail parks.

Lar España has highlighted that the active management of this latest property, with the incorporation of tenants such as Giorgo Armani and the renovation of Ineco’s contract, as well as investments to improve the efficiency and undertake renovation work, which allowed it to obtain the Breeam quality certificate, have increased the value and potential of the building.

This is the second divestment that Lar España has undertaken after announcing in September the sale of its office building on Calle Arturo Soria in Madrid for €32.5 million, also to Inmobiliaria Colonial.

Original story: Eje Prime

Translation: Carmel Drake

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