• Transaction / Assets
    Office Building on c/Arturo Soria, 336
  • Seller
    Lar España
  • Buyer
  • € MM

Lar Sells Office On c/Arturo Soria To Colonial For €32.5M

2 October 2017 – Eje Prime

New divestment in the real estate business. The Socimi Lar España has sold the office building located at number 336 Calle Arturo Soria to Colonial for €32.5 million, according to a statement made by the company. This asset had formed part of Lar’s portfolio since 2014.

The office building is located in the centre of Madrid. It comprises nine storeys and has an above-ground gross leasable area of 8,663 m2, plus 193 parking spaces. Both companies highlight that the strong future of this property, whose occupancy rate has increased from 80% when it was acquired by Lar España to the current level of 100%, following an initial investment in its renovation undertaken by the company.

José Luis del Valle, President of Lar España, highlighted “the importance of this first divestment, which fulfils the plan that the company initially forecast: acquire attractive properties, increase their value through good management and, having implemented the business plan designed at the time of the purchase, consider the possibility of divestment to continue investing in strategic assets that maximise the value for our shareholders”.

For Pere Viñolas, CEO of Colonial, this purchase forms part of the asset acquisition strategy in the three markets in which the company has a presence. They are all continuing to show “momentum and good performance in the context of policies to convert and reposition assets”. The operation in question has been completed off-market and has been advised by Aguirre Newman.

Lar España Real Estate currently owns thirty real estate assets whose combined value amounts to €1,419.1 million, of which €1,040.8 million corresponds to shopping centres, located in Madrid, Toledo, the Balearic Islands, La Rioja, Vigo, Valencia, Sevilla, Alicante, Cantabria, Lugo, León, Vizcaya, Navarra, Guipúzcoa, Palencia, Albacete and Barcelona; €149.8 million to three offices buildings; €83.3 million to four logistics assets; and €145.4 million to four developments under construction.

Meanwhile, the Colonial group is a listed real estate company specialising in the prime office market in Europe, with a presence in the main business districts of Barcelona, Madrid and Paris, and a portfolio of properties worth more than €8,600 million.

Original story: Eje Prime

Translation: Carmel Drake