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Deutsche Bank Reduces Its Shareholding In Lar España From 3,5% To 1,7%
13/08/2014 – Expansión
The largest German bank has reduced by half, from 3,5% to 1,7%, its shareholding in the real estate management company (or socimi) Lar España Real Estate.
Specifically, the German firm sold in the last few days 734.524 shares in the listed company which invests in the real estate market, thus reducing its share packet from 1,42 million to 690.495 shares.
Deutsche Bank points out that the activities it carries out in its subsidiary depend partly on its discretional portfolio management activities, meaning it does not directly control the associated voting rights.
On 5 March, Lar España Real Estate was the star of the first listing of a real estate sector firm on the Continuous Stock Exchange since 2011 and the first listing of a socimi in the Spanish market.
The firm is backed by the Lar Group, which is 83% controlled by the Pereda family.
Among the partners with shareholdings in the socimi are the American investment fund Cohen & Steers with a 6,5% shareholding, Pimco (12,5%), Franklin Templeton (10%), Marshall Wace (2%), the Spanish firm Bestinver (4,1%) and Ameriprise Financial (3,74%).
Original article: Expansión
Translation: Aura REE