24 April 2019 – Idealista
Lar España has sold the last office building left in its portfolio as it continues its strategy to specialise in the retail sector.
The Socimi has sold the property located at number 27 Calle Eloy Gonzalo, in the centre of Madrid, to the manager of the Swiss insurance company Swiss Life for €40 million. The building spans a surface area of 6,300 m2, distributed over 9 floors with various retail premises on the ground floor. The upper floors are leased in their entirety to the US coworking specialist WeWork.
Lar España acquired the property, which was constructed in the 1960s, for €12.7 million at the end of 2014.
Following this sale, the Socimi can now focus on the 14 assets in its retail portfolio (shopping centres and retail parks), which will become 15 after the summer, once the Lagoh shopping centre has been opened in Sevilla.
This represents the Swiss manager’s second purchase in Spain, following its acquisition of 13 retail premises from Corpfin Capital Prime Retail Assets in July 2018 for more than €83 million.
Various high-profile consultancy firms participated in the operation, with Cushman & Wakefield advising on the buy side and JLL and Knight Frank on the sell side.
Original story: Idealista (by Ana P. Alarcos)
Translation/Summary: Carmel Drake