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Lar España approves the delivery of a 30 million dividend

Lar España Real Estate SOCIMI has agreed at the General Meeting of Shareholders the issue of a dividend based on the 2016 results of 30 million euros, which is 0.331 euros per share, almost triple the 12 million of 2015 (0.201 euros per share). 

The dividend bonus will be issued on the morning of Wednesday 31st may. In terms of yield per dividend, this is 4.7% compared to the quoted price on 31st December 2016.

The SOCIMI shareholders also approved the increase in the number of directors from five to seven, with the inclusion of Isabel Aguilera as independent Director, and Laurent Luccioni representing Pimco, majority shareholder of Lar España, with 20%. With the coming of these two directors, the SOCIMI is following the recommendations of the corporate government; to increase the number of independent directors from four to five, and to increase their diversity.

José Luis del Valle, President of Lar España, stressed that the payment of the dividend, “Reflects for one more year the SOCIMI’s agreement with its shareholders, which is possible thanks to the excellent 2016 results.” He placed special emphasis on the inclusion of the two new directors, who ”will bring to the SOCIMI their valuable knowledge and professionalism and, also, allows us to make a step forward in the sense of good corporate government.”

The Board of Shareholders approved the previous year’s accounts, in which Lar España obtained a profit of 91 million euros, 110% more than the previous year.