25 January 2018 – Eje Prime
Lar España said goodbye to 2017 with more valuable assets in its portfolio. The Socimi has reported that its property portfolio experienced a 29% increase in value last year, up to €1.538 billion. According to the Socimi, that figure is higher than the sum of the prices at which it purchased its properties (€1.196 billion).
The company specified that the valuation of its real estate portfolio has been prepared by Cushman&Wakefield and JLL Valoraciones, according to Europa Press. This increase in the value of its portfolio is due to the various efforts undertaken in respect of its assets and the investments made during the course of the last twelve months.
As Lar España itself explained, between 2016 and 2017, it invested €74 million in improvements to assets in its portfolio, split between shopping centres (€20 million), office buildings (€11 million) and developments (€43 million).
Moreover, according to the Socimi, from the point of view of management, several actions have been undertaken. Specifically, the company highlights the purchase of properties for numerous rental rotation operations. In total, those types of operations account for 22% of the surface area occupied by the Socimi’s assets to date.
Original story: Eje Prime
Translation: Carmel Drake