Grupo LAR, a Spanish company specialising in the investment, development and management of real estate assets with more than 50 years of experience, has won the bid for the building located at number 50 Calle María de Molina in Madrid, owned by the Ministry of Finance, one of the most sought-after real estate assets in the capital.
The offer presented by the company amounts to 204.7 million euros, a figure that represents a 30% improvement on its initial price of 156 million euros. Six bids were received for this asset and Grupo Lar beat Whiteni, Nescaleo (Kronos), Rainforest Capital Partners (Dunas Capital), Conren Tramway and Tomaleta Servicios y Gestiones.
The lot awarded corresponds to 94 registered properties, which correspond to an office area of 37,107 sqm above ground level, plus two premises below ground level with a surface area of 3,308 sqm, as well as 370 parking spaces and 10 storage rooms also below ground level. Grupo Lar will use the building for mixed use and will develop a residential project for sale in the main tower of the building.
María de Molina 50 is a semi-public building located in the heart of the sought-after Salamanca district and just a few metres from Paseo de la Castellana. Its bidding has undoubtedly been one of the biggest auctions of the State and is one of the real estate projects of the year in Spain.
The architectural project will be carried out by Martín de Lucio Arquitectos, which has collaborated with Grupo Lar in the technical preparation of the bid,
"It is undoubtedly one of the most special assets in Madrid, located in a unique enclave in the capital. We know the asset very well, and have followed the previous auctions very closely, but it is only now that the conditions have come together to unlock its value and potential. We are convinced that it will be a unique residential project that will be a landmark in the city. The asset is part of a larger community of owners, so the key from now on is to work intensively with the rest of the owners of the complex to jointly present the best possible project," says Miguel Angel Peña, CEO of Grupo Lar Residencial.