13/08/2014 – Expansión
The largest German bank has reduced by half, from 3,5% to 1,7%, its shareholding in the real estate management company (or socimi) Lar España Real Estate.
Specifically, the German firm sold in the last few days 734.524 shares in the listed company which invests in the real estate market, thus reducing its share packet from 1,42 million to 690.495 shares.
Deutsche Bank points out that the activities it carries out in its subsidiary depend partly on its discretional portfolio management activities, meaning it does not directly control the associated voting rights.
On 5 March, Lar España Real Estate was the star of the first listing of a real estate sector firm on the Continuous Stock Exchange since 2011 and the first listing of a socimi in the Spanish market.
The firm is backed by the Lar Group, which is 83% controlled by the Pereda family.
Among the partners with shareholdings in the socimi are the American investment fund Cohen & Steers with a 6,5% shareholding, Pimco (12,5%), Franklin Templeton (10%), Marshall Wace (2%), the Spanish firm Bestinver (4,1%) and Ameriprise Financial (3,74%).
Original article: Expansión
Translation: Aura REE
18/03/2014 – El Mundo
The U.S. private equity fund, Cohen & Steers, has entered the social stake of Lar España Real Estate with a 7.448% holding that transformed it into the second main shareholder of the Socimi of Grupo Lar valued at €32.37 million (according to present market prices).
The New York-based firm by deed joins other shareholders, such as Pimco (12.5%), Franklin Templeton (6.37%), Marshall Wace (4.4%), Spanish firm Bestinver (4.1%), Ameriprise Financial (3.74%) and UBS (3.5%). Cohen & Steers holds a lot of 2.98 million securities of Lar España Real Estate, according to data provided by the CNMV (the National Stock Exchange Commission in Spain).
Lar España debiuted on the Continuous Stock Market on March 5th (…) and 83% of it is held by the Pereda family. Basic target of the group is the real estate investment, first by buying tertiary property and then renting it. (…).
Original article: El Mundo (Europa Press)
Translation: AURA REE