Värde Partners has sold its 38% stake in listed Spanish real estate investment firm La Finca Global Assets (LFGA) to Grupo La Finca (GLF).

GLF, the majority owner of LFGA, said it has agreed to buy Värde’s stake for €130m.

LFGA owns 11 buildings in Madrid’s central business district as well as LaFinca Business Park, one of the largest business parks in Europe located in Pozuelo de Alarcón, offering more than 225,000sqm of office space.

Värde initially purchased its stake in LFGA in December 2016.

Tim Mooney, partner and global head of real estate at Värde Partners, said: “Through our partnership with GLF we have successfully implemented a series of value creation initiatives that have grown our investment and helped establish LFGA as a leading provider of office space in Madrid.

“LFGA has continued to perform well, despite the challenges facing the office sector, and we believe it is well-positioned to capitalize on the economic recovery when Spain emerges from the pandemic.”

Susana Garcia-Cereceda, president of LFGA and GLF, said: “Over the last five years Värde and LaFinca have collaborated closely for the ongoing improvement of LFGA and its financial performance.

“The purchase of Värde’s 38% stake marks the end of the company’s relaunch phase and I’d like to thank them for the trust and support they’ve given to both me and the management team.”

To read the digital edition of the latest IPE Real Assets magazine click here.