Lar España sells its building in Joan Miró in Barcelona for €28,8M

Lar España sells its building in Joan Miró in Barcelona for €28,8M


The building, which has a GLA of approximately 9.904 sqm, was acquired by Lar España in June 2015 for 19,7 millon euro and complemented with later acquisitions for a further three million euro.  The added value of the operation is 27% over the asset’s total acquisition price, according to the REIT.

The sale of the office building located at  Joan Miró street in Barcelona, marks a new step in the development of the REIT’s Business Plan, and its strategy. Lar España was advised in this transaction by Savills Aguirre Newman and Uría Menéndez.

José Luis del Valle, CEO of Lar España Real Estate SOCIMI, highlighted «the importance of this divestment, which follows the plan we designed to acquire attractive assets, increase their value, and once the business plan for the purchase is fulfilled, divest so that we can keep our focus on the retail business and our shareholders’ return».

«We purchased the office building in Joan Miró, because it’s a very interesting building due to its central location and its potential. Our ability to manage was shown once more in these years during which we were able to increase its value in a very significant way», he added.

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