Socimi Lar España has closed the sale of its Rivas Futura and Vistahermosa retail parks, which have a total gross leasable area (GLA) of 70,210 square metres, for 129.1 million euros. The sale price represents a revaluation of 24% over the acquisition price.
The Rivas Futura retail park, in the Madrid town of Rivas Vaciamadrid, was acquired by Lar España in February 2018. It has a GLA of 36,447 square metres. Vistahermosa, in Alicante, was acquired by Lar España in June 2016 and has a GLA of 33,763 sqm.
The sale of these two assets was already foreseen in the socimi's business plan. The main objective of this plan is to rotate mature assets and incorporate others in which to generate additional value. At 30 June, the company maintained a leverage of 38.1% of asset value and a BBB stable rating from Fitch, which was ratified this month.
Furthermore, the asset rotation policy will contribute to Lar España's attractive shareholder remuneration via dividends. For José Manuel Llovet, CEO of commercial real estate of its manager Grupo Lar, with this transaction "Lar España once again anticipates and closes an excellent sale transaction that confirms the investor world's interest in high quality assets. It already anticipated the market at the time with the sale of 22 commercial premises leased to Eroski in the middle of the pandemic. The two sales we have closed today represent a further qualitative leap towards meeting its objectives. This transaction also places Lar España in a magnificent position to take advantage of the investment opportunities that will undoubtedly arise in our sector".
Lar España has been advised on this transaction by Cushman & Wakefield, Dentons, Gentalia and Optima Project.