Spanish REIT Lar invests €50m in retail and logistics acquisitions

Lar España Real Estate Socimi has carried out €50 mln worth of new retail and logistics acquisitions in Spain.

The Spanish REIT purchased of six logistics assets near Madrid and a 58.75% stake in Puerta Marítima de Ondara, the owner of the Portal de la Marina shopping centre in Alicante.

The 84,000 m2 logistics portfolio was bought for €32 mln from Henares Edificios, part of J Santos Group. The facilities are fully let to Carrefour.

The majority stake in the retail scheme was acquired from Cecosa Hipermercados for €17.5 mln in equity. It offers just over 30,000 m2 of retail space over two floors and 150 shops with tenants including H&M, Mango and C&A. The scheme also includes an eight-screen multiplex cinema and 1,600 parking spaces.

The mall is 90% let and was last valued at €81 mln, the company said in a statement to the Spanish stock market regulator CNMV.

The remaining 41.25% stake in the mall is owned by HRE Investments, a unit of asset manager Grupo Lar.

The Spanish REIT has invested a total of over €260 mln since raising €400 mln in March through a listing on the Spanish stock Exchange. Its portfolio currently comprises five malls in Irún, Palencia, Albacete, Barcelona and Alicante; two office buildings and a retail unit in Madrid; eight logistics properties near Madrid.