Spanish REIT Lar pays €108m for two regional malls

Spanish REIT Lar Espana Real Estate has acquired two regional shopping centres for a combined €108 mln, bringing the total amount invested since its IPO in March to over €180 mln.

The company, which raised €400 mln from its initial public offering, has bought the Ánecblau shopping centre south of Barcelona for €80 mln and the Albacenter mall in the Albacete region for €28.4 mln.

Ánecblau was acquired from Igipt Spain One in an on-market transaction. The mall is located in the Catalonian area of Casteldefells, around 18 km south of Barcelona and is one of three regional shopping centres with trading permission on Sundays. It opened in 2005 and comprises 28,860 m2 of GLA over 75 stores as well as 1,556 underground parking spaces. The mall is currently 91% let.

Lar España was advised on the transaction by DLA Piper and Savills.

The Albacenter was purchased from Unibail-Rodamco for €28.5 mln. The mall is the main shopping centre in the Albacete region and comprises 15,700 m2 of GLA over 75 stores on two floors, as well as 1,223 parking spaces. It opened in 1996 and was expanded in 2005 and renovated in 2008. The centre had an occupancy rate of 76% at end-2013.

Lar España, which forms part of diversified real estate giant Grupo Lar, is targeting mainly office and retail investments. Of the €181 mln invested so far, €147.8 mln has been spent on four shopping centres located in Irún, Palencia, Albacete and Barcelona, €24.2 mln on an office building in Madrid and €9.1 mln on a commercial building also in the capital.

Spain has seen hectic investment activity by the country’s newly formed REITs in recent months as they seek to channel the funds raised from their IPOs.

Other REITS – or SOCIMI – which have hit the acquisition trail recently include Merlin Properties, Axia and Hispania.

Click here to read more about the new Spanish REITs and their investments