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Lar España Acquires Two Shopping Centers For €39.4 Million

25/03/2014 – Cinco Dias

Merely three weeks after becoming listed, Lar España Real Estate Socimi, a real-estate investment vehicle of Grupo Lar, is closing its first acquisition. Lar España bought two shopping centers for €39.4 million. Precisely, the properties are the Txingudi Parque Comercial in Irún (the Basque Country) and the Centro Comercial Las Huertas in Palencia (Castilla y León).

The malls were sold by Corio Real Estate España. Both units have got a joint gross lettable area of around 16.200 square meters, according to the National Stock Exchange Market Commission (CNMV).

A great part of the stake of Lar´s Socimi (a Spanish REIT company) is held by international investors. Pimco, UBS and Franklin Templeton only possess almost 50% of the €400 million lockup capital submitted for its flotation on 5th March.

Lar España´s target are long-term investments in the real estate market and a 12% yield for its investors. (…) The purchase proved its special interest in the commercial sector and pursue towards creating a high quality portfolio (…).

 

 

Original article: Cinco Días (David M. Pérez)

Translation: AURA REE

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