The BME Scaleup Management Committee has approved the listing of Grupo Lar Retail Investments Socimi, with trading expected to commence on 18 December, after evaluating the documentation submitted by the company and issuing a favourable report by the Market Coordination and Listings Committee.
For the start of trading, the Board of Directors has set a reference price of €20 per share, which places the total valuation of the SOCIMI at €98 million.
The shares will begin trading under the code "SCGLR" and the company will have Armabex Asesores Registrados, part of the Armanext group, as its registered advisor.
Grupo Lar Retail Investments Socimi is an investment vehicle controlled by Grupo Lar, which holds 70% of the capital, while the remaining 30% is held by 44 minority shareholders. The company has been set up to channel the group's presence in Helios RE Socimi, where it holds 33% of the capital, compared to 67% held by the Hines fund.
The company has no real estate assets on its balance sheet and is not involved in the direct management of the properties. Its exposure to the real estate market is indirect, through the results and value creation generated by Helios RE, which has a portfolio of 10 assets, including seven shopping centres —Lagoh (Seville), Portal de la Marina (Alicante), Ànec Blau (Barcelona), El Rosal (Ponferrada) and As Termas (Lugo), among others—as well as three medium-sized retail parks: VidaNova Parc (Valencia), Megapark (Barakaldo) and Abadía (Toledo).
In terms of governance structure, Miguel Pereda, executive chairman of Grupo Lar, also serves as chairman of Grupo Lar Retail Investments Socimi. Isabel Plaza Hernández serves as secretary to the board and José Manuel Llovet Barquero as director.
