Grupo Lar Grosvenor, a joint venture between Spain’s Grupo Lar and the UK’s Grosvenor, has sold the Med Front Maritim office scheme on Barcelona’s seafront to Landscape Inversions, the real estate arm of Spanish bank Banc de Sabadell.
Med Front Maritim, which consists of two office buildings with a total of 5,900m2 and 71 parking spaces, was sold for ¬17.7m. It is let to Pansfood (3,150m2), Hines (1,370m2) and Azucarera Ebro (1,380m2).
In May, Grupo Lar Grosvenor and property investment fund Whitehall Street Real Estate, managed by Goldman Sachs, sold three shopping centres in the Spanish towns of Valladolid, San Sebastian and Albacete to Dutch investor Rodamco for ¬125m.
The sale was part of Grupo Lar Grosvenor’s strategy to concentrate on new, large-scale shopping centres, such as Caraba, the retail and leisure scheme it is developing in the Madrid suburb of Carabanchel. Cushman & Wakefield acted for Grupo Lar Grosvenor in the deals.
