This decision is part of the REIT’s strategic plan which includes specialising 100% in retail and «reaching the national leadership within the segment», revealed the company in a release available on its official website.
With that purpose, Lar España carried out, during the last two years, a process of divestments in offices and logistic assets. The sale of buildings Marcelo Spínola and Eloy Gonzalo in Madrid (between January and April) alone, were worth 77 million euro. In total, the divestments were worth 425 million euro, according to Expansión.
José Luis del Valle, Lar España’s chairman of the board, assessed the company’s evolution in a very positive way. «We showed the market that our specialisation in shopping centres makes sense and it will keep adding growing and sustained value in the mid to long term. We consolidated a multichannel business model, with assets which are highly dominant within their corresponding areas of influence and with a high management capacity».
With the opening of the Lagoh and the advanced stage of development of the refurbishments in 8 of the 15 shopping centres which compose the REIT’s portfolio, the company increased the annual net rents in around 23%, from 75 million euro to 92 million euro.