Lar España acquired the property in July 2014 for €19 million, meaning that this purchase price equates to a 94.7% value uplift. This considerable uplift is partly thanks to the improved management implemented over the last four years, and the capital invested in refurbishing the property – which is currently 50% occupied.
The spanish REIT invested around €9 million in carrying out a full-scale refurbishment at Torre Spínola. The works included stripping out all the internal elements on the property’s above-ground floors, leaving only the structure intact, and replacing all its internal systems, such as HVAC, plumbing, electrics and lifts.
Source: Press Release Lar España
