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Lar Buys A Shopping Centre In Vizcaya For €170M

22 July 2015 – Expansión

Lar España Real Estate has agreed to purchase the Megapark de Baracaldo (Vizcaya) retail park and outlet from the fund Oaktree for €170 million, in a deal that represents the Socimi’s largest single investment to date.

Following this transaction, which will close in October, the listed company will have made a total investment in real estate assets of €828 million since its creation at the beginning of 2014.

Lar España is negotiating this purchase whilst it carries out a capital increase amounting to €135 million, according to the company’s reports to Spain’s National Securities Market Commission (CNMV).

The property acquired covers a surface area of 64,000 m2, of the Megapark de Baracaldo’s total surface area of 128,000 m2, which constitutes the largest retail space in the País Vasco and the fourth largest in Spain.

Specifically, Lar has acquired a retail park measuring 44,152 m2, which is home to 14 medium-sized retail outlets, which are leased to fashion, household and entertainment brands, such as Media Mark, Decathlon, El Corte Inglés and Toys R Us, amongst others.

Similarly, it has acquired a ‘factory outlet’, the only one in the North of the country, which contains 59 retail premises in its 19,395 m2 surface area, which are leased to Nike, Mango, Puma, Desigual and Purificación García.

Lar estimates that the site has an initial occupancy rate of 92% and a yield of 6.25%. (…).

Original story: Expansión

Translation: Carmel Drake