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Lar España RE Acquires 58.75% Share in Puerta Maritima de Ondara for €17.5 Mn

14/10/2014 – Expansion

Lar España Real Estate Socimi has purchased a 58.75% stake in Puerta Maritima de Ondara, the company owning the Portal de la Marina shopping mall in Alicante (pictured), from Cecosa Hipermercados for €17.5 million, bound to be paid from its own funds.

The other part of Puerta Maritima de Ondara (i.e. 41.25%) rests in hands of HRE Investments, an affiliate of the Lar Group.

Speaking of the asset itself, it is a retail park of 30.007 square meters of GLA (gross lettable area), two-storey, housing 150 stores, among which one may find such brands as H&M, eight out of nine clothing lines of the Inditex Group, Mango, C&A and Tien21.

Moreover, the complex offers huge entertainment area, including eight movie theaters, as well as a parking with 1.600 spaces.

The shopping center has been valued at €81 million. Throughout the year 2013, it was visited 3.54 million times and it has a commercial influence sphere of 216.000 inhabitants. The Portal de la Marina’s current occupancy rate shows 90%.

This is the ninth transaction Lar España carries out since its flotation on March 5th.

The Socimi (Spanish counterpart of a Reit vehicle) declared intention of investing mainly in commercial assets, above all in retails and offices in off-market deals.

Together with this operation, the Socimi has jointly invested €230 million out of the €400 million raised at its launch. If it comes to the first amount, €165.3 million was spent on five retail parks located in Irun, Palencia, Albacete, Barcelona and Alicante, €43.2 million on two office buildings in Madrid, €44.8 million on 8 logistic warehouses in Guadalajara and finally, €9.1 million on a medium-size retail unit in the capital.


Original article: Expansión

Translation: AURA REE