Blackstone and Santander have closed the sale with Grupo Lar of the Madrid office building Talent Tower for just over 35 million euros, as confirmed by various sources in the sector. elEconomista.es. The operation, which was executed through Aliseda, was carried out using the exchange formula.
The building located at number 18 Avenida de Burgos and which is It is currently the headquarters of the human resources consultancy Manpower, It will be transformed by Grupo Lar into a residential project. Its current owners will keep a small share of the resulting project, so they will collect the transaction in finished homes.
This transaction is part of a first portfolio of projects that the Blackstone servicer has launched on the market through the exchange formula. Thus, in addition to the agreement with Grupo Lar, also has closed the sale of a hotel in Benalmádena that will be transformed into a home, in this case with Amenabar, according to the same sources indicated to this medium.
In total there are four transactions that it has executed with this format, since it has recently agreed to divest the land of the old Cruzcampo factory in Seville with Vía Célere, as reported by this media, and it has also sealed the sale of some soils in Portonovo (Pontevedra) with Culmia.
Alder grove plays a relevant role in these transactions, since It will be in charge of marketing the residential units and carrying out project monitoring of the exchanges. Through this means, the servicer is adding value to its land while accelerating the disinvestment process.
These types of agreements are advantageous for both parties, since not only eliminate promoter risk for the seller, also They represent an advantage for the buyer who does not need to consume capital in the purchase of real estate or land, this being one of the most investment-intensive items to carry out a residential development.
In the case of the sale of Talent Tower, an office building that has 6,500 square meters of surface distributed over 12 floors, its conversion to housing is the key in a context in which offices are no longer the main focus. of investors.
For its part, With this operation, Grupo Lar maintains its commitment to the residential sectora market in which it has relevant projects such as the one it is going to promote in the former headquarters of Hacienda de María de Molina in Madrid, where it is working on a luxury residential complex that it has named Torre Castelló, and which will also house a residence for students.
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