Santander and Brandes Reduce their Stakes in Renta and Lar España

The significant decreases suffered by practically all the stock markets around the world, with the exit of thousands of investors, has left changes in two of the large Spanish listed real estate companies.

Such is the case of Lar España. The company specialising in shopping centres, which was due to hold its annual shareholders’ meeting this week, has seen the company Brandes Investment Partners reduce its stake in the Socimi to below 3%, according to the registers held by Spain’s National Stock Market Commission (CNMV). In this way, Brandes Investment, which first acquired share capital in Lar España in August 2016, has gone from owning 5.03% to 2.94%, its smallest stake since becoming a shareholder.

Another real estate company, Renta Corporación, has also undergone changes in its reference shareholders. In its case, the manager Santander Small Cap has reduced its stake in the company, down from 3.55% to 2.32%, according to the CNMV. This is the first move by the Santander firm since June 2019 when it first acquired a stake in Renta (3.5%).

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Translation/Summary: Carmel Drake