Optimum III received €20.2M for the sale of building General Moscardó 7

Optimum III received €20.2M for the sale of building General Moscardó 7

This operation was agreed at 20.2 million euro and it allowed the REIT to cancel its 8.87 million euro BBVA mortgage loan, it can be read on the release sent to BME Growth, where the company is listed.

Located in Madrid at Calle Edgar Neville 7 (also known as General Moscardó 7), this building has a built area of more than 5.700 sqm spread across 40 dwellings (one-, two- and four-bedroom apartments), a ground-floor retail space under long-term lease to a supermarket, and two levels of underground parking. According to the REITs webpage, the building was constructed in the 70s. LaSalle further has added in a release that the property was refurbished and extended between 2006 and 2009. «LaSalle will invest in further improvements to enhance the building quality and support a strategy of leasing out vacant units in the short term», reveals in the same document.

About this acquisition, Francesco Coviello, Head of Investment CEE and Southern Europe at LaSalle, said that «Calle Edgar Neville 7 is situated in a robust submarket of Madrid where we forecast continued high demand for rental housing, particularly among upper-middle-income occupiers. We’re pleased to have secured this attractive investment opportunity on our client’s behalf and look forward to further building out our exposure to high-quality Spanish residential assets in prime city-centre locations. We are targeting significant investment in Spain in the coming year, with a main focus on the residential sector as we see the Build-to-Rent sector undersupplied and with a lack of quality residential units».

Optimum III was not alone in this operation. Consultant CBRE informed on its Twitter page that it «advised, in exclusive, Optimum III Value-Added Residential Socimi on the sale of the residential building located at Calle Edgar Neville 7». LaSalle was advised on this transaction by JLL for commercial, Hogan Lovells for Legal and Tax and Tassl for Technical advice.

This building has been active for more than 3 years, since it was acquired in February 2017. The fact is that, according to its last records, this operation was the company’s first transaction in Spain in three years.

Last Update on 16/11/2020 12:10 p.m

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