• Transaction / Assets
    Torre Spínola
  • Seller
    Lar España
  • Buyer
  • € MM
    37

Lar España Sells an Office Building in Madrid for €37M

31 January 2019 – Eje Prime

Lar España is continuing to divest assets. The Socimi has announced the sale of the Torre Spínola office building for €37 million. The property, which was acquired in 2014 for €19 million, has appreciated in value by 94.7%.

The Socimi invested almost €9 million in the comprehensive renovation of the building with construction work that included the demolition of all of the elements inside the building, as well as improvements to the visibility of the façade.

The group is whereby continuing with its plan to divest non-strategic assets. Today, the company also completed the sale of the Joan Miró building in the Catalan Capital, to the German firm AEW for €28.8 million.

Lar España owns a portfolio of 17 real estate assets whose value amounts to €1.499 billion, of which €1.376 billion correspond to shopping centres, €39 million to an office building on c/Eloy Gonzalo and €84 million to the residential development Lagasca 99.

Original story: Eje Prime 

Translation: Carmel Drake

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