Since March, Lar & Hispania Have Done Property Shopping For €492 Mn

1/08/2014 – Cinco Dias

The two Spanish REITs turned out to be the top real estate buyers among Socimis in the period between March and July. Since their flotations in March, Lar España and Hispania Activos Inmobiliarios have jointly invested491.8 million in the total of 12 transactions.

Yesterday, Lar España Real Estate Socimi, managed by Grupo Lar and being held by such giants as U.S. Pimco (a 12.4% stake), bought the Albacenter shopping mall (Albacete) for 28.4 million from Unibail Rodamco, as well as the purchase of a shopping center in Castelldefels (Barcelona) with a 28.863 square meter GLA for 80 million.

These were the 4th and the 5th acquisitions conducted of the REIT, amounting to a €181.1 million total fully disbursed from its €400 million IPO funds. Out of this quote, €67.8 million was spent on three shopping parks located in Irun, Palencia and Albacete, €9.1 on some commercial asset in Villaverde (Madrid) and €24.2 million on an office building in the capital.

In turn, Hispania Activos Inmobiliarios, trusted in by prominent Soros Fund Management (16.7%), also yesterday purchased an office building in Barcelona for €18.1 million.

Hispania declares sealing eight deals since its stock exchange debut. Altogether, the Socimi disbursed €310.7 million representing around 58.3% of the funds raised at its IPO. The investment brought Hispania a 91.218 square meter gross lettable area of office space in Madrid and Barcelona, 412 dwellings –213 in Barcelona and 199 in Madrid, as well as three hotel assets: one located in Marbella and two in Madrid.


Original article: Cinco Días (by Alberto Ortín Ramón)

Translation: AURA REE