122
122

Lar España Closes €135M Capital Increase

17 July 2015 – Expansión

The Socimi Lar España has closed a capital increase amounting to €134.982 million.

This decision by the listed real estate company, chaired by José Luis del Valle (pictured above), comes a month after the company announced its intention to increase its share capital ahead of new investment opportunities that it has identified.

Yesterday, Lar’s Board of Directors approved a capital increase for a nominal amount of up to €39.935 million, through the issuance and circulation of up to 19.9 million ordinary shares, with a nominal value of €2 each.

The total amount issued will also include an issue premium of €4.76 per share, taking the issue price to €6.76 per share and the total capital increase to €134.982 million.

Lar has announced that Lar España will have a preferential subscription right to each share. Moreover, “shareholders will need two preferential subscription rights to subscribe each new share”, said the company to Spain’s National Securities Market Commission (CNMV)

JP Morgan Securities is the sole global coordinator and placer of this transaction.

With the money raised through the capital increase, Lar will finance both its new acquisitions, as well as the purchases it has already made. (…). Lar’s most recent acquisition was the purchase of the ‘El Rosal‘ shopping centre in Ponferrada (León) for €87.5 million.

Original story: Expansión (by María Luisa Verbo Escribano)

Translation: Carmel Drake