Tag: promotions under development

20 February 2018 – Eje Prime

The Socimi Lar España is continuing to grow its portfolio of assets. Almost a year after taking control of the Parque Abadía shopping centre for €63.1 million, the Socimi has acquired the Abadía shopping arcade for €14 million, as reported by the Group to Spain’s National Securities and Exchange Commission (CNMV).

The arcade has a surface area 6,138 m2, which, added to the footprint of the shopping complex (37,114 m2), takes the combined surface area of the site to 43,252 m2, in such a way that the Socimi has become the owner of 80% of the total surface area of Parque Abadía.

Overall, the park has a total surface area 54,100 m2 as well as a parking lot with 2,861 spaces. The shopping arcade has an occupancy rate of 92% and is home to 38 retail premises.

“This acquisition fits perfectly with the Socimi’s strategy to increase the ownership percentage of its commercial assets so that the management improvement measures that we are carrying out have the maximum impact”, explains José Luis del Valle, President of Lar España.

Lar currently owns 32 real estate assets whose value amounts to €1.536 billion, of which €1.179 billion corresponds to shopping centres located in Madrid, Toledo, the Balearic Islands, La Rioja, Vigo, Valencia, Sevilla, Alicante, Cantabria, Lugo, León, Vizcaya, Navarra, Guipúzcoa, Palencia, Albacete and Barcelona; €85 million to office buildings; €87 million to logistics assets; and €185 million to promotions under development.

Original story: Eje Prime

Translation: Carmel Drake