The assets’ assessment was carried out by Cushman & Wakefield and JLL Valoraciones.
By building type, Lar España’s shopping centres reached at the end of 2018 a 37% increase in their value. Amongst the assets which benefitted from invesments, the full refurbishment of Albacenter and the renewal of Megapark’s outlet and retail park in Bilbao, as well as the renewal of Portal de la Marina’s shopping centre in Alicante should be highlighted.
Also of note was the upgrading of the offices, the improvements which were introduced resulted in a 140% increase of their value and allowed for favorable conditions concerning the company’s planned divestments.
The REIT’s assets’ value increase is mainly a result of the active management of its portfolio. Amongst the improvements, the changes in the type of offer at the shopping centres, as well as the optimization of the experience offered to the client, with new leisure and catering areas, should be pointed out. In addition, technological improvements were implemented to improve the assets’ commercial offer, accessibility and care for the environment.
José Luis del Valle, Lar España’s CEO, stressed that «this data shows that the good management of our assets has reinforced our shopping centres’ dominant position, improving the interaction with our visitors and increasing the shopping centres’ appeal». Del Valle added that «the relevance having achieved such a high percentage in terms of increasing the assets’ value has for the REIT, is a good proof that the investment and asset management policy which has been carried out in the last few years is the right one».
