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About this Annual Report

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The information included in the 2018 Annual Report relates to all of the activities carried out by Lar España Real Estate SOCIMI, S.A., and its subsidiaries (together, ‘’the Group’’) between 1 January 2018 and 31 December 2018.

The information presented herein refers to the most significant aspects of Lar España’s financial and non-financial performance in respect of all the asset classes in its real estate portfolio - shopping centres, offices, residences and logistics centres -, unless otherwise indicatedto the contrary in the report.

In addition, this report draws from other reports in order to provide more detailed disclosures on specific items; for example, the Group’s consolidated financial statements for the year ended 31 December 2018 are referenced in order to reinforce the disclosures detailing the economic dimension.

Guidelines and criteria used

Lar España’s 2018 Annual Report was prepared on the basis of the guidelines established in the most updated version of the Best Practices Recommendations report for real estate sector companies issued by the Reporting and Accounting Committee of the European Public Real Estate Association (EPRA).

In addition, for the fourth time, this report follows the Global Reporting Initiative (GRI) and the “Best Practices Recommendations” guide of EPRA Sustainability published in September 2017 in respect of the non-financial sustainability disclosures provided in the annual report. The purpose has been to cover material aspects, as determined by means of a materiality assessment carried out by Lar España, which took into account the relevance by subject and main stakeholders, reporting at least one indicator for the aspects considered material in respect of Lar España.

In order to give an account of the organisation’s performance in 2018, the following principles were applied, in keeping with the guidelines provided in the GRI Sustainability Reporting Standards with respect to the preparation of sustainability reports:

  • The principles for determining the content of the report: stakeholder inclusiveness, the sustainability context and completeness.

  • The principles for determining the quality of the report: balance, comparability, accuracy, timeliness, clarity and reliability.

Materiality assessment

Lar España’s 2018 Annual Report aims to identify and report exhaustively on all aspects that reflect the organisation’s significant economic, social or environmental impacts and on those that enable it to align its corporate strategy with its stakeholders’ expectations.

International standards

As noted above, Lar España’s 2018 Annual Report was prepared following the GRI Sustainability Reporting Standards.

EPRA Sustainability’s latest “Best Practices Recommendations” guide has also been taken into account, which deepens into non-financial relevant aspects to the Real Estate sector.

It also factors in guiding principles for the preparation of integrated reports provided in the International IR Framework developed by the Integrated Reporting Council (IIRC). Specifically:

  • Strategic focus and future orientation

  • Connectivity of information

  • Stakeholder relationships

  • Materiality

  • Conciseness

  • Reliability and completeness

  • Consistency and comparability

Independent review

The sustainability information contained in this Annual Report has been reviewed externally by a third party with a limited scope review and based on the GRI Sustainability Reporting Standards (GRI Standards) guide. This guide includes a set of principles and indicators, which can be found in the annex to this report.