24 November 2016 – Expansión
Pimco, the largest fixed income manager in the world, has increased its stake in the Socimi Lar España to 19.87%, after passing the 17% threshold last week. The company is standing by its intention to not exceed 30% of the Socimi’s share capital, which would force it to launch a takeover bid for 100% of the company.
This operation strengthens Pimco’s position as the largest shareholder of Lar España, a position that it achieved on 17 November, after acquiring a 4.6% stake in the Socimi for €29.7 million. In that move, Pimco bought 4.16 million shares from Lar España at a price of €7.15 per share, 11% more than the closing price of the shares on the day before the operation. Until then, its stake amounted to 12.4%.
After Pimco, the next largest shareholder is Franklin Templeton, with a 15% stake. Threadneedle Asset Management and BlackRock also hold stakes in Lar España: 5% and 3.06%, respectively, according to the records of the CNMV.
Between January and September, the Socimi earned €46.6 million, up by 77% compared to 2015, driven by an increase in revenues from rental income and the expansion of its real estate portfolio. Its EBITDA improved by the same proportion, to €30.3 million. Meanwhile, revenues grew by 80% to €42.2 million.
Lar España’s shares closed trading yesterday at €6.97/share, down by 0.43%. So far this year, the Socimi’s share price has fallen by 15.83%.
Original story: Expansión
Translation: Carmel Drake