Real estate firm Lar España has completed the sale of the Rivas Futura and Vistahermosa retail parks in Spain for €129.1 million, a 24% gain over the acquisition price.
Together, they have a total of 70,210 square metres of gross leasable area (GLA).
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 in June 2016 and has a GLA of 33,763 square metres.
The sale of these two assets had been anticipated in the company’s business plan. The main objective of this plan is to rotate mature assets and incorporate others in which to generate additional value.
José Manuel Llovet, CEO of commercial real estate of its external manager Grupo Lar, says, “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.”
Lar España was advised by Cushman & Wakefield, Dentons, Gentalia and also Optima Project.
