Spanish REIT Lar España has acquired the 41% stake it did not already own in the Portal de la Marina shopping centre in Ondara, near Alicante, Spain.
Spanish REIT Lar España has acquired the 41% stake it did not already own in the Portal de la Marina shopping centre in Ondara, near Alicante, Spain.
Lar acquired an initial 59% stake in the mall in October 2014 and in June 2015 also took over the adjacent hypermarket. The complex is valued at a total of €95 mln.
'By means of this acquisition, we have consolidated the 100% ownership of Portal de la Marina, an excellent regional retail complex, and this will enable us to accelerate the decision making process and boost our ambitious management and value creation plan,' said José Manuel Llovet, head of Retail at Lar.
Portal de la Marina provides around 40,000 m2 of lettable area distributedover 120 stores on two floors, including an eight-screen cinema and 1,600 parking spaces.
Lar España owns assets valued at €961 mln following the deal.
