Lar España has completed the integration process with its parent company, Helios RE Socimi, following the registration of the transaction in the Commercial Register. From now on, the company will operate under the name Helios RE Socimi and the trade mark HLRE Socimi.
The transaction has been carried out through a reverse merger, a corporate formula in which the subsidiary absorbs the parent company and adopts its name. This process completes the roadmap initiated in July 2024 with the voluntary takeover bid launched by Hines and Grupo Lar through Helios RE Socimi.
The new company has renewed its board of directors, which will be chaired by Vanessa Gelado. Lucía Martínez Noriega, José Manuel Llovet, Maribel Plaza and Luis Jaime de Antonio will join as members, while Susana Guerrero will serve as secretary.
HLRE Socimi will maintain the day-to-day operations of its asset portfolio, as well as its strategy of rotating mature properties and acquiring others with value-generating potential. The company will continue to be listed on the BME Scaleup segment, where it was admitted on 14 February following its delisting from the Continuous Market.
The merger comes after several recent milestones in the corporate reorganisation. In July, Helios RE Socimi closed a €810 million financing agreement with Morgan Stanley and Banco Santander to refinance Lar España's portfolio of 12 shopping centres and retail parks, with a surface area of around 500,000 sqm and a value of €1.34 billion. The aim was to replace the bridge structure used until then and provide the company with a stable financial base for its long-term strategic plan.
In August, Helios completed the sale of two assets, the Txingudi shopping centre in Irún, with 10,712 sqm and 35 tenants, and Las Huertas in Palencia, with 6,265 sqm and 25 premises, for a combined total of €40.5 million. This transaction represented the first asset rotation after the takeover bid, carried out under market conditions and in line with the portfolio optimisation strategy.
The integration brings to an end Lar España's eleven-year history under its original name, after pioneering the implementation of the SOCIMI model in Spain. The new phase of HLRE Socimi begins with a different corporate structure, a renewed board of directors and a plan aimed at strengthening its position in the Spanish retail market.
