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Lar Acquires Vistahermosa Shopping Centre For €42.5M

20 June 2016 – Efe Empresas

The real estate investment company LAR España Real Estate (LRE) has acquired the Vistahermosa shopping centre, in the province of Alicante, for €42.5 million, as reported to Spain’s National Securities Market Commission (CNMV).

The Vistahermosa shopping complex has a gross surface area of 33,550 sqm and is home to several high profile brands including Alcampo, Leroy Merlin and Media Markt.

The Chairman of Lar España, José Luis del Valle, highlighted that the purchase of the shopping centre “strengthens the quality of Lar’s portfolio” and increases its presence in the Mediterranean region, “one of the most attractive areas in Spain”.

Forecasts show that by the end of this year, the complex will receive 6 million visitors per annum.

Following the acquisition, the value of Lar España Real Estate’s assets amounts to €1,003 million, spread over ten autonomous regions. Of the total, €728 million relates to the acquisition of thirteen retail premises; €150 million to the purchase of four office buildings in Madrid and one in Barcelona; €70 million relates to four logistics assets in Guadalajara and one in Valencia; and €55 million corresponds to a residential asset in Madrid.

Original story: Efe Empresa

Translation: Carmel Drake