Spanish cash-strapped property company Reyal Urbis has appointed Jones Lang LaSalle to manage the disposal of two properties worth a combined EUR 100 mln, according to sources close to the process. The assets consist of an office building in a secondary location as well as a business park near Madrid worth some EUR 70 mln. The office property has a two-year rental contract and is valued at around EUR 30 mln.
Spanish cash-strapped property company Reyal Urbis has appointed Jones Lang LaSalle to manage the disposal of two properties worth a combined EUR 100 mln, according to sources close to the process. The assets consist of an office building in a secondary location as well as a business park near Madrid worth some EUR 70 mln. The office property has a two-year rental contract and is valued at around EUR 30 mln.
According to well-informed sources, the marketing of the properties started last month with Reyal Urbis targeting a yield of 7.5% on the two assets. 'These types of properties could be interesting for opportunistic or value-added funds, because institutional investors are more focused on prime real estate,' a source said.
Reyal Urbis also reportedly hired Aguirre Newman last month to sell the ABC shopping centre in Madrid's famous Serrano Street, which is valued at around EUR 90 mln. Two other office properties worth a combined EUR 80 mln are also on the market.
The disposals by the Spanish company are part of a move to reduce gearing and reach a new refinancing agreement with a Santander-led consortium for its EUR 3 bn of debt.
