Interview with:
- José Manuel Llovet, CEO Commercial Real Estate Iberia, Grupo Lar | Board Member, Lar España RE Socimi
- Vanessa Gelado, Senior Managing Director, Head of Hines in Spain & Portugal | Board Member, Lar España RE Socimi
1. The takeover bid for Lar España was completed very recently, marking one of the largest and most innovative retail sector deals in Spain in 2024. How would you describe the rationale behind this acquisition and your key objectives for the short and medium term?
Vanessa Gelado: The takeover of Lar España Real Estate SOCIMI was one the largest real estate transactions in Spain and in Europe in 2024, with a total Gross Asset Value of the portfolio of €1.3 Billion.
The voluntary takeover of Lar España by the Helios RE consortium —Hines European Real Estate Partners III and Grupo Lar— was the largest retail transaction in Europe in 2024, with a total Gross Asset Value of the portfolio of €1.3 Billion. It reflects our strong conviction in the sector’s long-term potential and was executed at the right time, with the right partner and platform, and a high-performing portfolio with clear value upside.
We see retail entering a new phase of stability, with strong fundamentals following years of transformation. The sector has adapted well to structural challenges and now shows clear signs of recovery: rising rents, stronger demand supported by employment growth, and improved consumer confidence. Combined with limited new supply and favourable demographics, this environment offers renewed investment potential.
The deal was well received by our various audiences (media, market, institutional investors and analysts), and this was highlighted by the fact that all 13 equity research analysts covering the company recommended accepting the takeover bid. This achievement strengthens our long-term relationships with shareholders, operators, and customers, while supporting continued growth in the Spanish retail landscape.
In the short term, we are focused on ensuring a smooth and effective integration while maintaining the operational excellence that defines us. In the mid-term, we are committed to driving value through innovation, sustainability, and, especially, thanks to a stronger governance framework under the new Helios RE Socimi brand, that will be created when the reverse merger is completed.
2. With 100% ownership now consolidated, how do you plan to leverage the operational and financial synergies between Hines and Grupo Lar to strengthen Lar España’s leadership position in the retail sector?
José Manuel Llovet: The transaction brought together highly complementary partners —Hines European Real Estate Partners III and Grupo Lar— who share a common vision of uplifting the Spanish retail sector through asset quality, commercial excellence, and technological innovation.
This full ownership consolidation allows for a stronger alignment of strategy and execution across stakeholders. Hines brings global asset management expertise and access to capital markets, while Grupo Lar contributes extensive local market knowledge and solid experience of operational excellence in retail. Together, we combine these strengths with a clear goal in mind: to enhance the performance of our retail assets, optimize capital arrangement, and innovate in areas such as ESG, technology, and customer experience.
3. Lar España’s portfolio comprises 12 key retail assets, including 9 shopping centers and 3 retail parks, valued at approximately €1.3 billion, with strong operational fundamentals and a 97% occupancy rate. How do you approach managing and optimizing this diverse portfolio to sustain growth, tenant satisfaction, and market relevance?
José Manuel Llovet: Our asset management strategy is based on operational excellence, a deep understanding of consumer behavior and, of course, creating value for our retailers. We focus on long-term relationships with top-tier operators, continuous improvements to the tenant mix, and high levels of service quality to ensure satisfaction and retention.
At the same time, we are investing in boosting omnichannel capabilities and sustainability initiatives to adapt our assets to a new environment. This includes energy efficiency upgrades, digital infrastructure, and community-focused enhancements that keep our shopping centers and retail parks relevant and up to date.
Thanks to this strategy, the portfolio achieved sales of €1.084 billion in 2024 (+6%) and attracted 71.8 million visitors across Spain.
4. Following the takeover, Lar España was delisted from the Continuous Market and joined BME Scaleup. How does this new listing environment support your vision for the company’s future growth and innovation?
Vanessa Gelado: The move to BME Scaleup reflects a strategic shift to a more flexible and innovative environment. This platform provides a governance and regulatory structure in line with our current growth phase, enabling more effective and agile decision making, as well as access to new financing vehicles suited to mid-cap companies.
It supports our ambition to strengthen the company’s value creation capabilities and accelerate innovation, while maintaining our position as a leader in the retail real estate sector in Spain.
5. Within a Jury of over 50 recognised professionals of the Iberian real estate sector, your transaction was voted the Deal of the Year in Spain. What does this Award and public recognition represent to Helios Real Estate Socimi?
José Manuel Llovet: Our transaction marks a milestone for retail real estate transactions in Spain, which was proven by its endorsement by institutional investors, CNMV and CNMC.
Being named Deal of the Year by such a respected panel of professionals adds the final touch to a landmark operation and reflects our strong commitment to creating long-term value for shareholders, partners, and end-users.
