22 January 2016 – Expansión
LAR España’s real estate assets appreciated by 5.4% between March 2015, when the Socimi debuted on the stock exchange, and year end. In this way, the value of its properties increased by €46.2 million in just nine months to reach €898.9 million.
Company sources attribute the rise in the asset values to the recovery in the real estate sector, as well as to the improvements in the management of the properties. The valuation has been performed by the consultancy firms Cushman & Wakefield and JLL.
By type of asset, it was Lar’s logistics assets that increased in value by the most (by 11%), followed by the Socimi’s residential portfolio (7.1%), then its office buildings (6.6%) and shopping centres (4.4%).
LAR’s portfolio comprises: 12 retail premises in Guipúzcoa, Palencia, Albacete, Barcelona, Alicante, Madrid, Cantabria, Lugo, León, Vizcaya, Navarra and Valencia; four office buildings in Madrid and one in Barcelona; four logistics assets in Guadalajara and one in Valencia; as well as one residential asset in Madrid.
The President of LAR España, José Luis del Valle, highlighted that “this increase carries even more weight if we consider that a third of assets (€282 million) were acquired during the second half of the year, which barely gave us any time to undertake the necessary measures to allow us to create value”. The President of the Socimi expects that the value of the assets in LAR’s portfolio will continue to increase in 2016.
Original story: Expansión (by M. A.)
Translation: Carmel Drake