Lar España doubles its profit and reaches €91.4M

Lar España doubles its profit and reaches €91.4M

The 2016 profit is largely seen as due to the development of rental income from assets, which went up to 60.2 million euros, 69% more than the 35.7 million in 2015. According to a communication from the company, the improvement in the management of the assets and the increase in size of the SOCIMI portfolio in 2016 are behind this remarkable increase in income.

The value of the SOCIMI portfolio of 29 assets at the end of 2016 was 1,275 million euros, an increase of 16% compared to the purchase price. By type of asset, shopping centres increased in value by 13.5%, logistics assets by 20.7%, offices by 21.7% and the company’s residential assets by 31.2%. In respect of the growth of the portfolio in 2016, the acquisition of the shopping centres Gran Vía de Vigo for 141 million and Vistahermosa for 42.5 million stands out.The distribution of income by autonomous community shows that 23% of the income corresponds to assets in the País Vasco; Castilla-La Mancha follows with 14%, la Comunidad Valenciana, with 13%, Galicia, with 13%, Castilla y León, with 12%, Cataluña, with 11%, and Madrid, with 11%.   

The occupation level of Lar España’s assets in 2016 was 93.5% and the total surface area of the portfolio was 708,000 m2, of which 68% corresponds to shopping centres, 22% to logistics, 7% to offices and the remaining 3% to a residential asset. 

Lar España has a proposal at the next Junta General de Accionistas a distribution of dividends of 30 million euros, in other words, 0.33 euros per share, an increase of 65% over the last financial year.

The sales of the shopping centres De Lar España went up 8.8% in 2016, way above the 2.9% average for Spain, and the number of visitors went up 5.7%, above the sector average (0,9%).

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