Rental income showed growth of 39%, up to 18 million euros, compared to 13 million euros in the first quarter of 2016. The acquisition last March of the Parque Abadía shopping complex, in Toledo, and a portfolio of 22 shops, as well as the improvements in the rest of the assets explain this rise in rents, according to information from the company. Yields on capital reached 12.5%.
Asset value at the end of last March was 1,399 million euros, 47% more than one year previously. After the purchases in March, the relative rate of shopping centres in the portfolio has risen to 77%.
José Luis del Valle, President of Lar España, recalled, “At the next General Meeting there will be a payment of 0.331 euros per share, that is, a total of 30 million euros, well above the 12 million of 2016.”
In their financial plan, financing transactions completed in the past two months are highlighted. Specifically, the average cost of debt was at 2.2% and the leverage ratio is 38%, with an up to 50% margin to increase the debt.
Lar España Real Estate SOCIMI at present has 31 real estate assets to the value of 1,399 million euros, of which 1,081 million correspond to 16 retail areas in Madrid, Toledo, The Balearics, La Rioja, Vigo, Valencia, Seville, Alicante, Cantabria, Lugo, León, Vizcaya, Navarra, Guipúzcoa, Palencia, Albacete and Barcelona; 171 million in four office buildings in Madrid and one in Barcelona; 79 million in four logistics assets in Guadalajara and one in Valencia; and 68 million in a residential asset in Madrid.