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Colonial purchases offices building for €32.5M to Lar España

Socimi Lar España sold its offices building at number 336, Calle Arturo Soria, in the center of Madrid, to Colonial for around €32.5 million.

According to EjePrime this asset was part of Lar España’ portfolio since 2014. With this transaction the company follow its acquisition strategy, value added and subsequent divestment.

The building has 9 floors and 8,663m² of offices, as well as basement parking. It is 100% occupied.

José Luis del Valle, President of Lar España, says that «it’s important this first divestment, that meets the plan of the company: acquire attractive properties, increase its value due to a good management and, once the business plan created at the time of the purchase is implemented, raise the possibility of divestment to continue investing in strategic assets that maximize the value to our shareholders», refers the same source.

To Pere Viñolas, consultant at Colonial, this acquisition is framed within the strategy of acquire assets in the three markets where the company is present, which continue to express “its inertial growth and good behavior regarding transformation policies and repositioning of assets”.  “This building has shown its capacity to growth and its characteristics allow us to perform our policy of Value Added in response to new services and value added elements, which the increasing demand for quality offices in Madrid needs”, says Pere Viñolas.

The transaction was closed off the market, advised by Aguirre Newman.