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Madrid offices - Spain, Spanish REIT Lar España buys three office assets in Madrid for EUR 52.5m

Date: 07 Aug 2014

Spanish REIT Lar España buys three office assets in Madrid for EUR 52.5m

Lar España Real Estate, the listed Spanish REIT, has SOCIMI, has bought three office assets in Madrid for EUR 52.5m.

Lar España Real Estate completed the acquisition of an office building in Madrid, at c/ Arturo Soria, nº336, from IVG Institutional Funds GMBH, Spanish subsidiary. The operation is valued in EUR 24.4 million.

The property has a gross leasable area of 8,663 sqm above ground, distributed over 9 floors and 193 parking spaces. The building is currently occupied by companies incluidng Clear Channel, Banco Santander and Segurcaixa Adeslas in three of the building's floors, with a current occupation of over 80%.

Lar España Real Estate completed its second investment transaction in Spain after its initial offering in the Spanish Stock Exchange on March 5, acquiring a commercial building occupied by Media Markt in Villaverde, Madrid from the company Internationales Inmobilien Institut GMBH, for EUR 9.1 million.

The asset, to date belonging to a fund managed by Invesco Real Estate, located at Santa Petronila 1, Villaverde, Madrid, has a gross leasable area of approximately 4,391 sqm,over 2 floors and 114 underground parking spaces. The building was constructed in 2002 as part of a turnkey project. Since 2013 it has been leased to Media Markt, the consumer electronics retailer, under a long-term contract. Its state of conservation is suitable, as a result of the reforms carried out in November 2000.

Lar España has also acquired from the society REYAL URBIS S.A., amounting EUR 19 million, an office building in Madrid of 14 floors, with a total of 12,220 sqm, which 8,584 sqm are above ground. In addition to the office space, the building has more than 150 parking spaces.

The asset is currently occupied by, among others, the following companies TRW Automotive, Cogent Communications, Acer Computer and Vodafone Spain. The company believes that the asset has a large potential for improvement and plans to undertake a project of modernization and energy optimization of the property in the coming months.

By Nicolas Morata

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