Lar España Real Estate REIT has purchased the Egeo office building located in Campo de las Naciones, Madrid from MEAG, the German fund, for €64.9 million. This is the eleventh investment acquisition undertaken in Spain by the REIT following its IPO last March 5th. Cushman & Wakefield advised on the transaction.
The six story property has a lettable area of 18,252 square feet and 350 basement level parking spaces. Currently, the office space is fully occupied. The Campo de las Naciones business park accounted for 57% of real estate investment activity in Madrid during the third quarter of 2014. “With the acquisition of the Egeo building, Lar España Real Estate has doubled the size of its office portfolio in Madrid,” said Arturo Perales, director of the office department of Grupo Lar. Including this transaction, the Spanish REIT has invested €297.4 million of the €400 million raised in the IPO, of which €165.3 million have been allocated to five shopping centres in Irun, Palencia, Albacete, Barcelona and Alicante ; €78.1 million to three office buildings in Madrid; €44.9 million to eight logistics warehouses in Guadalajara; and €9.1 million to a retail warehouse in the capital.
For further information about available and completed commercial real estate transactions and comparables in Spain contact i-comparables.com