According to El País, the socimi's board of directors unanimously approved a new management agreement with the partner until 2021. According to the statement sent to the CNMV with the new agreement, the remuneration to Grupo Lar in 2015 would have been five million instead of 7.4 million and 11.2 million instead of 25.6 million in 2016.
In the case of 2017, the reduction of the invoice would have been around 15.5 million, of which 14 million correspond to the management fee and the rest to the fixed fee. That would have meant a reduction of more than 35% from the 42.5 million that Grupo Lar would have received last year.
José Luis del Valle, president of Lar España, was "very satisfied" with the agreement reached, according to a statement from the company, because it introduces "significant improvements for shareholders" of the socimi and occurs one year before the expiry, mentioned the same newspaper.
New plan provides divestment of €470M.
The new investment plan of Lar España predicts divestments in the amount of €470 million over the next 2 years, namely in offices, logistics or the residential project Lagasca 99, in Madrid, and other non-strategic properties.
It will have €220 million to invest in new shopping centers and another €247 million for developments, as well as €49 million in renewal of existing properties.