27 August 2015 – Expansión
Cohen&Steers’ stake goes down from 6.54% to 2.97%, with bearish investors no longer betting on the stock immune to the overall market downturn.
Continues the dance of major holdings in the REITs. It is the turn of Cohen & Steers now, who continues its special operation outlet in Lar España. The firm, that emerged in March last year with a stake of 7.44% and became one of the three reference shareholders of the REIT has just reduced its stake to 2.97%.
This is the third sale this year, in which Cohen & Steers has reduced its stake from the 6.54% of July last year. The sales took place with the value around nine euros per share, a level that the value has maintained without difficulties in the last sessions in spite of the serious decline in the overall market, fearful of the slowdown of the Chinese economy growth.
Although it built up an increase of around 10% this year, Lar remains below the level of 10 euros, with which it went public in March last year. A level which the value reached closely this spring (marking up to 9.91%) but which resulted in serious profit taking.
New sales of Cohen & Steers occur precisely when bear investors leave the value all together. Short interests, that in the first week of August had the record-breaking rate with the 0.84% of the capital bet down, have disappeared at full speed for Lar.
The reason is that at the beginning of August the company has successfully closed the capital increase that has attracted 134.9 million euros, now allocated for new investments. The operation involved placing among investors 19.9 million shares and has had much success. The demand exceeded the amount of securities for sale by 9.2 times.
Original story: Expansión
Translation: Lee La