Lar España Real Estate SOCIMI makes 46,6 million euros up to September, 77% more than the previous year

Lar España Real Estate SOCIMI makes 46,6 million euros up to September, 77% more than the previous year

According to the company, income from rents forms the key to these results, with an increase of 80%, to 42.2 million euros.

The value of the assets at the end of last September reached 1.201 million euros, 71% higher than the year before. Among the most recent acquisitions the purchase of the commercial complex Gran Vía de Vigo for 141 million euros can be highlighted.

José Luis del Valle, President of Lar España, emphasized “this significant addition to our portfolio of assets exemplifies the growing activity of SOCIMI”.

Sales in SOCIMI grew by 9.2% between January and September of 2016 compared to the same period of the previous year, much higher than the 2.7% average for Spain as a whole. The difference is also very significant if you take into account visitor numbers to these centres, which has experienced a surge of 6.5%, 1.3% beyond the average for Spanish shopping centres.

Lar España Real Estate SOCIMI has 26 real estate assets with a value of 1.201 million euros, of which 901 million correspond to the acquisition of fourteen commercial areas situated in Madrid, Vigo, Valencia, Sevilla, Alicante, Cantabria, Lugo, León, Vizcaya, Navarra, Guipúzcoa, Palencia, Albacete and Barcelona; 168 million for the purchase of four office blocks in Madrid and one in Barcelona; 72 million for four logistics assets in Guadalajara and one in Valencia; and 60 million for a residential property in Madrid.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!