9 October 2018
The socimi will use the 522 million euros it obtained from the sale of its portfolio of logistics assets and offices to focus on the ownership and management of its shopping centres.
Lar España is implementing its divestment plan successfully. The socimi sold 47% of its total portfolio of non-strategic assets in just one year and will use the influx of cash to focus on the ownership and management its shopping centres, a sector in which it is one of the principal players in the country.
Lar España’s assets that do not correspond to the retail segment are valued at 522 million euros. The company plans to sell the entire amount between 2018 and 2021. For the moment, it has already sold off all of its logistics properties and two of its five office buildings for a total of 276 million euros.
The socimi will take a significant additional step in its process of divestment when it delivers the luxury homes it has built in the Madrid’s city centre, at 99 Lagasca, before the end of the year. Lar España expects to raise 115 million euros through the operation. The company is also in the process of selling its other three office buildings.
The company, which is chaired by José Luis del Valle, will allocate these resources to strengthen its presence in the Spanish retail market. Lar España’s business plan envisages allocating 265 million to build and improve shopping centres, and another 250 million for acquisitions without the need to resort to new capital increases or tighten its financial structure.
Lar’s latest acquisitions include the Rivas Futura retail park, in Madrid, for 62 million euros, and the Abadía shopping mall, in Toledo, for fourteen million euros.
Original Story: EjePrime
Translation: Richard Turner