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Lar España Completes Acquisition of ‘Portal de la Marina’

4 April 2016 – Mis Locales

The Socimi, which already owned 59% of the asset and the hypermarket, has completed the acquisition of the remaining 41% stake for €14.58 million.

The Socimi Lar España Real Estate has acquired 41% of the company Puerta Marítima de Ondara, which, in turn, owns the Portal de la Marina de Ondara shopping centre in Alicante.

The Socimi had already acquired 59% of the company in October 2014, and it acquired the hypermarket in June 2015, in such a way that, following the recent acquisition, it now owns the entire Portal de la Marina shopping complex, worth €94.5 million.

Figures relating to activity at Portal de la Marina in 2015 clearly reveal its appeal, given that it recorded a 13% increase in sales compared with the previous year and a 6% increase in the number of visitors, to 3.76 million.

José Manuel Llovet, Director of Retail, said that “with this acquisition, we have consolidated 100% of Portal de la Marina, an excellent regional shopping complex, and this allows us to accelerate the decision making process and drive our ambitious management and value creation plans.

The shopping complex has a leasable surface area of approximately 40,000 m2, spread across 120 stores over two floors. It has eight cinema screens, with brands such as Cortefiel, H&M, Mango, C&A, Tien21 and eight brands from the Inditex Group, as well as 1,600 parking spaces.

Following this purchase, Lar España has now acquired assets worth €961 million, of which €686 million has been spent on the purchase of twelve retail premises located in Madrid, Valencia, Sevilla, Alicante, Cantabria, Lugo, León, Vizcaya, Navarra, Guipúzcoa, Palencia, Albacete and Barcelona; €150 million on the purchase of four office buildings in Madrid and one in Barcelona; €70 million on the acquisition of four logistics assets in Guadalajara and one in Valencia; and €55 million on the acquisition of a residential asset in Madrid.

Original story: Mis Locales

Translation: Carmel Drake

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