Lar España profits increase 48% in 2017

Lar España profits increase 48% in 2017


According to the socimi, this result is explained by the increase in revenues generated by portfolio rentals, which amounted to €77.6 million, 29% more than in the previous year, particularly the shopping centers, which represent 85% of the total, and that are experiencing a moment of greater strength in Spain. In 2017, socimi centers received a total of 56.9 million visits, 2.7% more than in the previous year and above the Spanish national average of 1.8%. Sales added €636.2 million, 3.3% more than in the previous year, and 1.2% above the national average.

Lar España's business plan for the next few years predicts an increase in the retail part in its portfolio, as well as the divestment of the remaining non-strategic assets, which will cause the retail to further increase its weight in revenues.

The company's investment in 2017 reached €47.5 million, 31.3 million of which were target for new promotions that the socimi is currently undergoing, and €11.4 million for improvements in existing assets.

José Luis del Valle, President of LAR ESPAÑA, emphasized the "excellent" results achieved by Lar España. "Once again, the company has shown that it’s able to continue improving its results, and in very high percentages. The successful application of the business plan and the excellent management of the assets allow us to fulfill again the commitments acquired with our shareholders ".

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