Advised by JLL & Knight Frank, Lar España Real Estate SOCIMI has sold the last office building in its portfolio to Swiss Life, thus becoming a purely retail focused REIT.
The property, Eloy Gonzalo 27, has a GLA of 6,295m² set across eight floors of which 4,875m² are offices. Cushman & Wakefield had previously let the property in its entirety to WeWork and acted as advisor to the buyer, a fund managed by Swiss Life Asset Managers.
According to buy-side advisors Cushman & Wakefield «Eloy Gonzalo 27 has undergone an important transformation process to become an example of a new way of working that is dominating the market. The lease of the entire property to WeWork in addition to its excellent location, design and visibility, have turned it into a first-class asset».
LAR had bought the building in January 2014 for €12.7 million euros, in one of its first acquisitions following its debut on the Spanish stock exchange in March of the same year. It has now traded for €40 million, according to a group statement shared National Securities Market Commission (CNMV) representing a capital gain of 214%.
Lar España Real Estate SOCIMI, S.A is a Real Estate Investment Trust (known for tax purposes in Spain as a SOCIMI) listed on the Madrid Stock Exchange since 5 March 2014.
The firm’s objective is long-term asset management and the generation of high returns for its shareholders via diversified investment in property assets throughout Spain in the retail, office, logistics and prime residential sectors. Lar España continues to consolidate itself as one of the most attractive Real Estate Investment Trusts in Europe and a leader in the property sector.
Lar España is managed exclusively by Grupo Lar, a property company with extensive experience in the sector. It has a large team of professionals pro-actively managing a diversified portfolio in order to maximise operational efficiency and the return on each asset, to maximise value for the shareholder.