Lar puts its Office Portfolio up for Sale for €110M

5 October 2018 – Eje Prime

Lar is strengthening its plan to divest its non-commercial assets. The Socimi has placed its office portfolio on the market for €110 million. The package comprises two buildings, one located in Madrid and the other in Barcelona.

The two properties span a combined gross leasable area (GLA) of 23,800 m2. The building in Madrid is located on Calle Eloy Gonzalo and has a surface area of 6,363 m2. The Socimi acquired the asset in December 2014 for €12.7 million, according to Expansión.

The office building in Barcelona has a surface area of 8,610 m2 and is located on Calle Joan Miró. The property cost Lar €19.7 million in total when it purchased it in June 2015.

This operation follows other divestments that Lar has been carrying out since September 2017 when it sold its office building on Calle Arturo Soria in Madrid to Colonial for €32.5 million. Similarly, last July, the Spanish Socimi completed the sale of its logistics portfolio to Blackstone for €120 million.

To date, the divestments carried out by the company amount to €265 million, more than half the figure established in Lar’s business plan to 2021. In parallel, the Socimi plans to continue investing in shopping centres and retail parks. The group’s most recent acquisitions have included the purchases of the Rivas Futura shopping centre in Madrid for €62 million and the Adadía shopping arcade in Toledo for €14 million.

Original story: Eje Prime

Translation: Carmel Drake

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