Home - Lar España in 2017

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Commercial investment volume (€Mn)

7,850 million
were invested
in the commercial
real estate sector
in 2018.

Business model

The company’s investment policy is mainly focused on

Strategic assets, shopping centres and retail parks

Investment opportunities in retail assets, predominant in its area of influence.

Risk diversification, expanding in Spain mainly through the investment in large commercial areas.



A new director remuneration policy and new director selection policy have been implemented

Appointment of a new female counselor and Chairwoman of the Audit and Control Committee of Lar España

Internal performance evaluation of the Board of Directors

and Compliance

Implementation of behavior guidelines of the Code of Conduct

Supervision of the whistleblowing channel by the Ethics Committee

Adoption of a White-Collar Crime Prevention Model

Anti-Money Laundering Manual

Corporate Social

Implementation of the “Corporate Social Responsibility Master Plan 2018-2020”

Creation of shared value through:

- Responsible asset management, adding real value to society

- Positive impact in the community

- Management of the relationship with the stakeholders

Risks and opportunities

  • Risk Control and Management Policy
  • Implementation of the Enterprise Risk Management system at the corporate level
  • Updated Risks Map
  • Response and Monitoring Plans

The main risks that Lar España is facing are the following:

  • Management of SOCIMI Regimen requirements
  • Real estate asset sale-purchases
  • Property appraisals
  • Socio-economic and political changes
  • Dependance on the Investment/Asset Manager
  • Internal talent retention
  • Financing /liquidity
  • Investor/media relations


  • Real Estate Investment Trust specialized in commercial properties
  • Carefully selected off-market acquisitions
  • Creation of high returns for shareholders: yearly net income of 70.3 million euros
  • Competitive benefit distribution policy. Dividends of 0.80€/share
  • Active and diversified management, with a 12.1% LfL annual revaluation of assets

2018 Results

  • Valuation of assets of 1,536 million euros
  • 100% compliance of the investment strategy
  • Highest average yield on cost in the real estate sector
  • 76 million euros of investment in new assets


Lar España is leading the digital transformation in the sector, creating value through the “TES” project (Technology, Engagement & Sustainability), which will allow the Company to:

  • Evaluate and measure visitor experience and optimize the management of shopping centers, as well as the relationship with the customer
  • Offer a unique and differentiated value offer
  • Strategically position each of our assets, taking into account environmental, sustainability, accessibility and social aspects

“TES” project

Two main objectives:

  • To position Lar España as the leader in digital transformation in retail
  • To create shared value in order to lead the economic and social progress


Enhancing cash flows from portfolio properties and value creation in order to maximise shareholder returns

Continuing the process of consolidating the company as one of the most active REITs in Europe and a benchmark in the Spanish real estate