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Corporate strategy and positioning

Who are we?

Lar España Real Estate SOCIMI, S.A, (hereinafter Lar España) is a SOCIMI (Listed Real Estate Investment Company) that has been listed on the Madrid Stock Exchange since 5 March 2014.

It was founded at an ideal juncture in the Spanish property cycle, when real estate prices had just bottomed out at record lows and the real estate market was entering a new cycle. Lar España also ushered in a change of trend for the Stock Market, as it was not only the first Spanish SOCIMI to be floated, but it was also the very first listing to take place following a three-year dearth, and the first listing of a real estate company in seven years.

Lar España is exclusively managed by Grupo Lar, a real estate company whose extensive experience in the sector is of particular note. It boasts a large team of professionals that actively manage and work to diversify the portfolio in order to maximise its operational efficiency, as well as each asset’s yield.

The Company works with the following asset classes:

  • Shopping centres and retail parks: Retail unit and retail warehouse lettings. Its strategy is focused on identifying shopping centres that are poorly managed and that have strong upside potential, especially centres where there is an opportunity for repositioning or extending them.

  • Offices: Office lettings. Lar España has and is currently implementing a value-add plan for the office properties in its portfolio, with the aim of maximising shareholder returns when they are sold. At present, we have just one office building in our portfolio, Eloy Gonzalo, which we are in the process of divesting.

During 2018, Lar España completed the divestment of its entire logistics portfolio. The Company has already started the delivery of the first apartments of the luxury residential project Lagasca99.

The Group’s investment strategy focus is now entirely on retail properties.

The Company’s investment policy is primarily based on:

  • Strategic assets, shopping centres and retail parks.

  • Investment opportunities in dominant retail assets in their catchment area that offer significant upside via management, avoiding the segments where there is greater competition.

  • Risk diversification, expanding in Spain and primarily investing in retail spaces.

The company’s pipeline remains solid, allowing it to continue to comfortably meet its forecast investment targets.

The objective set out for the Company when it was first created was to invest in the Spanish real estate market under a long-term asset management plan. A plan, aimed at generating high returns for its shareholders, via the payment of considerable annual dividends, and creating value by increasing the Company’s EPRA NAV.

Shareholder structure

Lar España’s shareholders include some of the most important investment and financial groups in the world, such as PIMCO and Franklin Templeton.

Shareholder structure 31 December 2018 (%)

Shareholder structure by profile

Institutional shareholders by geographic area

International standards

Lar España aims to comply with the highest international standards of transparency, comparability and commitment. Hence, it is a member of the European Public Real Estate Association (EPRA), the leading international association in the sector, which aims to provide comparable financial information between publicly listed Real Estate companies.

On June 4 2015 the SOCIMI joined the FTSA EPRA/NAREIT index, a select global index designed to showcase general trends, which includes some of the biggest real estate companies in the world.

In September 2018, Lar España was awarded for the fourth year running the Gold Award from the European Public Real Estate Association (EPRA) in recognition of the quality of the financial information provided by the company. Lar España was also awarded for the first time with the most prestigious recognition from EPRA, the Gold Award, related to the information about Corporate Social Responsibility

This highlights the international recognition for the information reported by Lar España and made available to its shareholders.

Lar España also collaborates with MSCI-IPD and forms part of its annual real estate index, IPD Spain Annual Property Index, which provides additional information and visibility of the real estate sector.


To create unique shopping experiences by combining leisure and retail via an omnichannel approach.


To maximise shareholder returns via the responsible and efficient management of our retail properties, incorporating technology as a key element to then add value for both our retailers and customers.


Corporate focus

Market focus

nvestor focus

Customer focus