Vukile Goes Quiet After Reports of Takeover Bid for Lar España

31 October 2019 – On September 9, the Spanish daily Expansión published a report stating that the South African fund Vukile, which owns Castellana Properties, was preparing a takeover bid for Lar España. News of the more than €700-million bid led the socimi’s shares to soar by 10.29%, from 6.80 euros to 7.50 euros. Since then, however, Vukile has remained mum on the subject.

Lar España is an attractive asset, with a portfolio of fifteen shopping centres with close to 600,000 square meters of gross leasable area. The portfolio is worth approximately €1.5 billion and includes the Las Huertas shopping centres in Valladolid, Portal de la Marina (Benidorm), Ànecbalu (Castelldefells), Megapark Barakaldo, As Termas (Lugo) and the Lagoh in Seville.

Original Story: Merca2 – Javier Rosell

Adaptation/Translation: Richard D. K. Turner

Vukile Looking to Launch Takeover of Lar España

10 September 2019

The South African firm, Vukile Property, is looking to take a stake in Socimi Lar España, a major investor in shopping centres, with 16 assets valued at 1.462 billion euros.

Vukile, which operates in Spain through Castellana Properties, has already arranged financing for the deal. UBS will represent the firm, while Lar España has hired Lazard.

Lar España was the first socimi to list on the continuous market and currently has a capitalisation of €615 million, a 36% discount to net asset value. Lar España’s largest shareholders, Pimco and Grupo Lar, are expected to insist on a 30% premium to the share price. The socimi ended the first semester with sales of €39 million and a net profit of 29 million euros.

Lar España has been focusing its investments on shopping centres, selling the office buildings it had in its portfolio, as well as logistic assets. In the last 18 months, the firm has raised €425 million, including the €120-million sale of a logistics portfolio to Blackstone and the €190-million sale of four office buildings in Madrid and Barcelona.

Lar España currently has fourteen assets in its portfolio, with a gross rental area of ​​580,000 m2 and a market value of €1.462 billion (June 30, 2019).

Original Story: Expansión – Rebeca Arroyo / Nicolás Sarriés.

Adaptation/Translation: Richard D. K. Turner

Adar Increases Its Stake in Neinor Homes to 27.8%

27 March 2018

The Israeli fund continues to increase its participation in the real estate developer, approaching the 30% limit that would oblige to launch a takeover bid for the full 100%. The developer had recently agreed to give the fund two positions on its board of directors.

Adar Capital is on the verge of a takeover bid for Neinor Homes. The Israeli fund has once again raised its participation to 27.79%, compared to the 26.07% it owned a few days ago, it reported to the National Stock Exchange Commission (CNMV).

The real estate company led by Juan Velayos, which will celebrate one year as a publicly listed company on Thursday, will propose the appointment of two directors on behalf of Adar Capital at a shareholders meeting that will take place on April 18.

Last month, the fund requested a seat on Neinor’s management board after it increased its position in the company from the 5.2% it had at the beginning of last February to the current 27.797%.

Adar increased its holdings in the real estate company and cemented its position as the firm’s principal investor, surpassing Lone Star, the American fund that founded the company.

Original Story: EjePrime

Translation: Richard Turner