This is a 6.208 sqm office building that was recently refurbished for 4 million euro, which provided it energy efficiency certifications such as the one from Leed Platino Core & Shell. This process added value to the asset which gave La Salle a 10 million euro profit, according to El Economista.
Uwe Rempis, Head of Fund Management for Germany at LaSalle Investment Management, said: «we’re delighted to have harvested a strong capital gain and delivered stellar investment performance for our client through the sale of the General Lacy 23 office building. While we had intended to hold this asset for a longer period, this world-class refurbishment has generated considerable interest from the market. The refurbishment project reflected the extent to which addressing environmental change is driving our thinking on the future of real estate and the types of property in which we invest».
La Salle bought this asset for 32.5 million euro from Royal Metropolitan in December 2018.