A consortium led by the third Hines European value-add fund and Grupo Lar has made a €678m voluntary takeover offer for listed Spanish retail parks and shopping centres operator Lar España.
The Helios RE consortium, comprised of Hines European Real Estate Partners (HEREP) III, which holds a 62.5% stake, and Grupo Lar with the remaining 37.5% stake are offering Lar España shareholders €8.10 per share.
The offer price represents a 16% increase over Lar España’s closing share price before the announcement.
The consortium’s offer requires achieving a minimum level of shareholder acceptance for them to gain control of Lar España.
Lar España has a portfolio of 12 real estate assets, including 9 shopping centres and 3 retail parks. The portfolio has nearly 500,000sqm of leasable space and a current occupancy rate of 97.1%.
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