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Project Monitoring for Grupo Lar’s Lagasca 99 Real Estate Project

19 September 2019

“Grupo Lar understood that the complexity of the project required a partner with Gesvalt’s technical solvency and also with the necessary capabilities to carry out the work while respecting demanding deadlines,” said Juan Carlos Urbano, from Grupo Lar.

Project Monitoring for Grupo Lar’s Lagasca 99 Real Estate Project

Grupo Lar needed a Project Monitoring service in the construction of the Lagasca 99 building, in the heart of Madrid’s Golden Mile, one of the most important residential developments in recent times, developed by Lar España Real Estate and Pimco.

To this aim, the company needed a partner with experience in complex assets and capable of organizing all the information to coordinate the objectives of the different agents involved in the project.

Magnitude of the project entrusted to Gesvalt: the building, located in the heart of Madrid, in the exclusive Barrio de Salamanca, has about 26,200 sq. m arranged on 10 levels (seven floors plus attics), and includes 44 dwellings and two retail premises at street level. The real estate project was designed under sustainable construction parameters and has obtained the BREEAM quality and sustainability certification, one of the most prestigious labels worldwide.

Development of work with Lar: After an initial Due Diligence phase where we obtained the prior information on the project status and the documentation that allowed us to evaluate the risks from all the scenarios, we moved on to the monitoring phase. The good harmony between Gesvalt’s and Grupo Lar’s teams facilitated an agile follow-up of the evolution of the project.

Thanks to the early detection of risks and the ability to act with the necessary corrective measures, the planned objective was achieved without any deviations from the scheduled deadline or the budget established in the planning phase.

We interviewed Juan Carlos Urbano, CFO Iberia at Grupo Lar and an interlocutor directly involved in the project, who declared the following:

Why did you decide on Gesvalt for this Project Monitoring engagement?

Grupo Lar understood that the complexity of the asset required a technically solvent partner and also with the necessary capabilities to carry out the work while respecting demanding deadlines.

What requirements and qualities did you value when making the choice?

Firstly, we value the experience of Gesvalt, which usually collaborates with us in both ECO appraisals and Project Monitoring services. It was important to us to have the support of a team that understood the needs of the financial institution, end user of the Project Monitoring reports.

What would you highlight about the relationship with the Gesvalt team during the provision of service?

On the one hand, the effort of the team to understand both the asset and its inner aspects, not without technical complexities. And on the other hand, its client commitment.

Would you recommend carrying out a project of this nature with Gesvalt?

Undoubtedly, we think Gesvalt is a reference partner in this type of service.

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