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LAR ESPAÑA sells Eloy Gonzalo office building for €40M
29 April 2019 | Observatorio Inmobiliario

Lar España Real Estate SOCIMI, the listed real estate investment company, has announced the sale of its office building located on Madrid’s Calle Eloy Gonzalo to Swiss Life for 40 million euro.

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Lar España acquired the property in December 2014 for 12.7 million euro, meaning that the company has achieved 214.2% value uplift on the purchase price. This uplift is thanks to both the management improvements implemented during the last year and a half, and the favourable performance of the city’s office market.

The property, built in 1965, comprises a GLA of 6,295 sqm arranged over a ground floor and seven upper floors. Of this total, 4,975 sqm can be let as office space and the remaining 1,320 sqm is occupied by retail units.

Following a full-scale refurbishment, Eloy Gonzalo has obtained the Breeam certification which accredits its economic, social and environmental sustainability. Designed to reclaim light and comfort that was lost via previous works on the building, the renovation created flexible, spacious and light-filled offices that cater for modern-day workspace requirements. Highly-modulated floors divided into individual offices have been turned into open-plan spaces offering multiple layout options.

This divestment is in line with the Socimi’s strategy to focus on retail properties – the segment that forms the core of its business plan. Ramón y Cajal advised Lar España on the legal side.

José Manuel Llovet, Lar España’s Managing Director for Retail, Logistics and Offices highlighted: «We are extremely proud of the outcome of this sale, achieved thanks to almost a year and a half of hard work and very active management that saw the full-scale refurbishment of the building and the improvement of its environmental and social footprint – as accredited by the Breeam certification».

 

Press Released By Lar España