Lar España’s total debt now stands at €591.3 million, of which €446.6 million corresponds to bank loans and the remaining €140 million to a bond issuance completed at the start of 2015.
The net leverage currently stands at 40% of its gross asset value, leaving the company room, more specifically until the 50% mark is reached, for further additional leverage.
The newly signed agreements lower the SOCIMI’s financing costs to 2.18%. The average maturity for the financing stays at 6.2 years and the debt is 82% hedged via various financial instruments, thereby reducing its interest rate exposure.
Over 2017 Lar España has secured financing agreements linked to Gran Vía de Vigo and Vistahermosa (Alicante) shopping centers and Lagasca99.
The financing agreement that has been reached is linked to Parque Abadía shopping center (Toledo), acquired in March 2017. Parque Abadía is the largest retail complex in Castilla-La Mancha and is currently 100% occupied.
Lar España Real Estate SOCIMI registered a profit of 10.5 million euros in the first quarter of 2017, a 20.3% increase over the same period of the previous year.
Lar España Real Estate SOCIMI doubled its profits in 2016. Specifically, these were 91.4 million euros, an upswing of 110% compared to the 43.6 million of 2015.
Blackstone will transfer 21,000 homes to several Socimis, to rent.
Up to October 2017, have been invested €1,500 million in commercial real estate in Portugal, surpassing by 15% the €1,300 million transacted throughout the year 2016.
RICS (Royal Institution of Chartered Surveyors) in partnership with Iberian Property have just launched the first edition of the new Iberian Commercial Property Monitor, an unprecedented initiat...