Lar Assesses 10 New Deals In Spain Worth €1,000M
22 April 2016 – Expansión
The Socimi Lar España wants to maintain its pace of growth and to that end, it has set its sights on ten real estate operations worth €1,000 million. All of the assets are located in Spain, primarily in the shopping centre segment and, to a lesser extent, in the office and logistics segments, according to comments made yesterday by the Chairman of the Group, José Luis del Valle. He was speaking after the general shareholders’ meeting, at which a six-fold increase in the dividend for 2015 was approved, at €0.201 per share. In total, Lar will disburse €12 million.
Del Valle explained that the company has €200 million to invest, with not need to resort to the bond market or to carry out a capital increase. Currently, Lar España owns 24 real estate assets in ten autonomous regions worth €961 million. Of that figure, €686 million has been allocated to the acquisition of twelve retail spaces; €150 million to the purchase of four office buildings; €70 million to four logistics assets; and €55 million to its residential project on Calle Lagasca 99. Lar’s asset value increased by 5.4% between the Socimi’s launch in March 2014 and the end of 2015.
Miguel Pereda, CEO of Lar España, pointed out that, for the time being, the Socimi is not interested in the hotel segment and clarified that it will be analysing the real estate assets being sold off by El Corte Inglés when that process opens. The retail giant plans to sell up to 200 properties worth €1,000 million.
Original story: Expansión
Translation: Carmel Drake