Consultant Cushman & Wakefield will handle the sale, according to newspaper Expansión.
The 28.000 sqm portfolio includes 10 supermarkets in the Basque Country, 7 in the Balearic Islands, 2 in Navarre, 2 in Cantabria and 1 in La Rioja. These assets were acquired by the REIT two years ago from Rockspring for 47.6 million euro. All supermarkets are operated by brand Eroski, which has a leasing contract until 2031.
This sale is part of Lar España’s already announced strategy of focusing on its shopping centre portfolio. In order to follow this strategy, the company has been selling mature non-strategic assets, a category that includes this portfolio. Among the assets sold last year are Lagasca 99 (residential), Eloy Gonzalo, an Office building with 6.401 sqm, and the Marcelo Spínola Office building, with 1.905 sqm.
Currently, Lar España has a portfolio estimated at more than 1.552 million euro, according to the latest data.