Eloy Gonzalo Office Building
This number is estimated based on the current situation created by the Covid-19 pandemic, over which the REIT’s president José Luis del Valle is cautious. During the latest shareholder’s meeting, he revealed that «we are already developing plans to minimize the impact on costs».
The REIT’s plans for this year include continuing to add value to its portfolio, which, currently has 15 retail assets estimated at 1.552 million euro and finishing the refurbishment of its shopping centres on which it expects to spend 35.7 million, mentioned newspaper El Economista this Wednesday.
At the end of last year, Lar España concluded its divestment route in non-strategic assets, which it had been carrying out since 2017 and which allowed it to focus on its shopping centres. With this strategy, the company sold 9 buildings, amongst which office buildings Marcelo Spínola and Eloy Gonzalo. The company’s average reassessment over the price of acquisition was around 87.5% and the average return was 5.2%, according to the REIT’s latest report.