Lar España sells two retail parks in Spain for €129m

Lar España sells two retail parks in Spain for €129m

Spanish real estate firm Lar España has completed the sale of the Rivas Futura and Vistahermosa retail parks, comprising a total of 70,210 square metres of gross leasable area (GLA), in Spain to AEW for €129.1 million

The sale price represents a revaluation of 24% over the acquisition price, the company said.

The Rivas Futura retail park, in the Madrid province town of Rivas Vaciamadrid, was acquired by Lar España in February 2018. It has a GLA of 36,447 square metres. Vistahermosa, in Alicante, was acquired by Lar España in June 2016 and has a GLA of 33,763 sqm.

José Manuel Llovet, CEO of commercial real estate of its external manager Grupo Lar, said: “Lar España once again concludes an excellent sale transaction that confirms investor interest in high quality assets. The company already moved ahead of the market with the sale of 22 commercial premises leased to Eroski at the height of the pandemic. The two sales we have closed today represent a further qualitative leap towards meeting their objectives. This operation also puts Lar España in a magnificent position to take advantage of investment opportunities that will undoubtedly arise in our sector”.

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