Grupo Lar Invests €11.5 Million In A Shopping Center

23/12/2014 – Expansión

Lar España Real Estate Socimi, listed real estate investment company of Grupo Lar, has acquired a hypermarket and two locations in the Albacenter Shopping Center in Albacete, for €11.5 million, said the company yesterday to the Spanish Securities & Exchange Commission (CNMV).

The shopping mall was acquired by Lar in July 2014, thereby strengthening the company’s position as a market leader.

Assets acquired by the company, Joparny, have a gross leasable area of 12,486 square meters and currently have tenants such as Eroski, Primark and Orchestra, reports Europa Press.

Investments

With this operation, the REIT (Real Estate Investment Trust) which is managed by Grupo Lar, has already invested €318.1 million of the €400 million raised in the IPO, of which €176.8 million were allocated to five shopping centers in the Basque Country, Palencia, Albacete, Barcelona and Alicante; €78.1 million to three office buildings in Madrid; €44.9 million to eight logistic warehouses in Guadalajara; and €18.3 million to three medium-sized shopping centers in Madrid and Cantabria.

The REIT, which debuted on the stock exchange on March 5, acquired €1.4 million through September, with a negative EBITDA of €524,000 due to operating costs for its implementation and acquisition of assets.

Original article: Expansión

Translation: Aura REE

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