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Lar Real Estate Pays €65 Mn For an Office Unit in Madrid

17/12/2014 – El Confidencial

A brand-new real estate transaction was sealed on the office market. Socimi (Reit in Spain) Lar Real Estate has purchased an office building called Egeo, located in Campo de las Naciones area, Madrid, for 64.9 million euros paid to German firm MEAG. This is the 11th deal the trust carries out since its flotation on March 5th.

Cushman & Wakefield advised on the operation’s trading aspects, while law offices Perez Llorca and Fabregat Abogados assited Lar Real Estate and MEAG respectively in legal terms. German entity Westdeutsche ImmobilienBank financed the operation.

The six-storey building has a gross lettable area of 18.252 square meters and 350 parking spaces. Presently, the property is fully let. Moreover, its location, the Campo de las Naciones, concentrated 57% of all real estate investments in the capital in the third quarter of 2014.

Following the acquisition of the Egeo building, Lar España Real Estate doubles the size of its Madrid property portfolio, said Arturo Perales, Head of Offices at Grupo Lar. Until now, the Socimi has spent 297.4 million euros out of the 400 million amount raised while going public. Of the quote invested, 165.3 million was intended for five shopping malls situated in Irun, Palencia, Albacete, Barcelona and Alicante, 78.1 million for three office buildings in Madrid, 44.9 million for 8 logistic warehouses in Guadalajara and 9.1 million for a medium-sized retail park in the capital.


Original article: El Confidencial

Translation: AURA REE