Inmobiliaria Colonial Socimi SA sold seven office towers and a turnkey development in Madrid for a collective price tag of €441 million, reflecting a 12% premium over the most recent appraised value of the properties.
The Barcelona-based office real estate investment trust marked the assets as mature and non-strategic properties, with 91% of the assets located outside the central business district of the Spanish capital. The properties span a gross lettable area of 106,574 square meters, according to a release.
Inmobiliaria Colonial plans to channel proceeds from the asset sales toward its development pipeline of office projects spanning 320,000 square meters, as well as to fund the purchase of other properties. The divestment will also take the REIT's loan-to-value ratio to lower than 40%.
Separately, the REIT will launch construction works on the Méndez Álvaro Campus development in Madrid, which will comprise a gross lettable area of 90,000 square meters and accommodate the biggest office complex within the city's M-30 inner ring motorway upon its completion.