points out that investors have opted for fixed income, abandoning the performance of offices or retail space. This has caused the share price of companies such as Colonial and Merlin to plummet, although Lar España has risen 30% so far this year. Observatorio Inmobiliario:
notes that the Iberian REIT & Listed conference will be held on February 6, 2024 at the Rosewood Villa Magna in Madrid. Several real estate experts have already confirmed their attendance, such as Miguel Pereda, vice president of Lar España. Revista Centros Comerciales:
interview with Jon Armentia, corporate director and CFO of Lar España, following the company’s recognition as the best corporate ESG model. He points out that this award is a great incentive to continue improving. Revista Centros Comerciales:
reviews the main initiatives being taken by shopping centers to advance ESG criteria. Carlos Fita, manager of the Lagoh shopping center, owned by Lar España, points out that Lagoh is a clear example of a sustainable center, both in terms of design and operation and management.
Estrategias de Inversión:
they point out that the real estate sector is heavily penalised in the stock market. Juan Moreno, an analyst at Bankinter, has raised his recommendation for the three large Spanish socimis (Colonial, Merlin and Lar España) to buy from neutral. The target price for Lar España is 6.34 euros, breaking away from the negative trend of the rest. Inmobiliario Mes a Mes:
reviews the XIX AECC Congress, highlighting that Lar España’s chairman José Luis del Valle and vice-chairman Miguel Pereda agree that it is necessary to guarantee the quality of the locations and the commercial offer of shopping centres and retail parks. Expansión:
José Manuel Llovet, president of Apresco, explains that the rigid urban planning regulations are hindering the transformation of retail assets in accordance with new consumer demands. El Economista:
the media highlights Neinor Homes, Aedas Homes and Lar España, among others, among the best recommendations of the Ibex Small Cap. Specifically, Lar España is experiencing double-digit rises this year.
Expansión: The slowdown in investment has not discouraged the large socimis. Lar España, Merlin and Colonial have sold or placed on their balance sheets as assets in deconsolidation properties for more than 3,000 million, which has allowed them to reduce debt, make cash and focus on more strategic businesses.
Ejeprime: Spanish listed real estate companies performed virtually flat in the second quarter.
El Periódico de España: Real estate giants fall on the stock market in the first months of the year. Colonial and Merlin Properties, the two largest socimis, have suffered falls.
Varios medios: Lar España has completed environmental management and health and safety prevention certifications in ten of its shopping centers and retail parks in accordance with ISO 14001:2015 and ISO 45001:2018, the main certification standards in these areas.
Varios medios: The Lagoh shopping and leisure complex, owned by Lar España, has signed a collaboration agreement with the Seville Autism Association to adopt different measures to make the shopping center an accessible space, not only physically but also cognitively.
It reported that Lar España’s shares bounced upwards on Wednesday. Its shares rose 4.37% to 5.49 euros, the day’s high. El Economista:
Lar España as one of the best stocks of the day. Estrategias de Inversión:
María Mirá’s fundamental analysis in which she reviews the companies that, in her opinion, are the most resilient in the Spanish market. La Información:
Spanish bricks and mortar leads the way in dividend yields. The real estate sector has always been among the quintessential investments for Spaniards. Europa Press:
The Lagoh shopping and leisure complex, owned by Lar España, has received recognition from the Asociación Madre Coraje as an Honorary Collaborator. Varios medios:
Lar España, in collaboration with PTA Payment Solutions, has activated a gift card program valid in six of the socimi’s centers: Albacenter (Albacete), Anecblau (Castelldefels, Barcelona), As Termas (Lugo), El Rosal (Ponferrada, León), Gran Vía de Vigo and Lagoh (Seville).
Expansión: Five Ibex Small Cap stocks, up 10.2% this year, that stand out for their price, their ability to rebound and the support of experts: Ecoener, Aedas Homes, Técnicas Reunidas, Neinor Homes and Lar España.
Estrategias de Inversión: Lar España offers an attractive dividend yield. It recalled that on April 28 it paid out a dividend of 0.60 euros per share, 67% higher than the previous one, which represented a total payout of 50 million euros, with a yield per share of 14.2% on capitalization at the end of last year.
Cinco Días: The debt of real estate companies deters potential buyers of the large socimis, which in principle could benefit from the significant discount at which they are trading. However, they would have to refinance their liabilities in a context of rising financing costs. This would be the case of Merlin, Colonial and Lar España.
Varios Medios: The As Termas, Gran Vía de Vigo and Anecblau shopping centers, owned by Lar España, have launched their own gift card, which allows the recipient to redeem it at any of their 75 stores.
TV Denia: Interview with Virgina Carrasco, director of the Portal de la Marina shopping mall, who pointed out that the mall is an economic engine that generates around 700 direct jobs.
El Confidencial: After years of lagging behind the big socimis, the firm chaired by José Luis del Valle and managed by Miguel Pereda has managed to shake off fears of the ‘retail apocalypse’ on the stock market and is already moving at precovid levels. The media highlights the revaluation of Lar España’s shares in 2023 compared to the 4.16% and 6.38% cuts of Colonial and Merlin Properties, respectively.
Idealista News: Real estate companies are sweeping in dividend yield in 2023. In the coming months, Spanish listed companies will distribute around 8,000 million euros in dividends. But none will be more profitable than those of real estate developers and socimis.
El Economista: The Ibex Gender Equality has carried out its annual review. The gender equality index welcomes eleven new companies in June: Atresmedia, Almirall, Atrys, Cellnex, Dia, Dominion, Gestamp, Grifols, Metrovacesa, Laboratorios Rovi and Vocento. It also said goodbye to three others: Clínica Baviera, Libertas 7 and Tubos Reunidos. Among those that were already included and remain in the index, Lar España stands out.
Varios Medios: The new solidarity initiative of the Gran Vía de Vigo shopping center, owned by Lar España, will consist of a ball-touching contest with the aim of collecting donations for the Freijeiro Association for Aid to the Needy. A box will be placed in which people will be able to donate basic necessities for children from zero to three years old who are in a situation of vulnerability.
Estrategias de Inversión: Fundamental analysis of Lar España prepared by María Mira. She pointed out that there are many socimis but not all of them like Lar España, which focuses its activity on the investment of real estate assets throughout Spain and with a retail exposure of 100%. She also recalled that the socimi assumes ownership of all its centers.
Expansión Inversor: Companies in the Continuous Market and the Ibex 35 will be distributing dividends in the coming weeks. He pointed out that outside the Ibex 35 there are very attractive options. He also pointed out that Aedas Homes, Lar España, Metrovacesa and Atresmedia are the only stocks whose returns exceed 10% in the domestic market.
Expansión: The results of the companies listed on the Continuous Market. Despite the slowdown in the economy and high inflation, they have recorded a significant increase in revenues, which were already at record levels. The media highlighted Lar España as one of the companies with the highest earnings.
Consultorio de Estrategias de Inversión: Javier Alfayate, from GPM Sociedad de Valores points out that Lar España is bullish. The stock should not lose the level of 4.79 euros, with a first target of 5.32 euros. He pointed out that Lar España is in a sector that still has a lot of room for improvement.
Varios Medios: Iberdrola has signed an agreement with Gentalia to install 312 new vehicle charging stations in 14 of its establishments. Gentalia manages Albacenter, Anecblau, As Termas, El Muelle, El Rosal, Gran Vía de Vigo, Lagoh, Los Alcores, Palacio de Hielo, Parque Ceuta, Parque Comercial Rivas Futura, Parque Comercial Vistahermosa, Portal de la Marina and Vidanova Parc. Most of these shopping centers are owned by Lar España.
Castilla La Mancha: The Abadía Shopping Park, owned by Lar España, has obtained the Universal Accessibility Certificate that guarantees all people, regardless of their age or disability, the same access to all public areas of the center, common leisure areas and parking.
Varios medios: Carmen Luna, Marketing Director and Deputy Director of Anecblau, owned by Lar España, participated in the Flúor Shopping Center Marketing round table, sharing her experience on topics such as the change in consumer habits after the pandemic, the challenges to get closer to the consumer and how they see the future of shopping centers.
Lar España’s results were widely reported in financial newspapers, agencies, digital editions of national newspapers and sectorial media El Economista:
The European real estate sector is the focus of most investor concern due to rising interest rates and the liquidity problem. Lar España is one of Europe’s best-performing socimis on the stock market. Varios medios:
Lar España’s revaluation on the Stock Exchange, becoming one of the best stocks of the day with a +2.78%. Expansión:
The Retail Property Telescope report prepared by EY reveals that shopping centers are once again attracting the interest of international institutional investors after years penalized by the boom in digital shopping and, more recently, by the impact on sales and visits caused by Covid, which severely damaged the retail business. El Economista:
The new Housing Law, this new regulation adds uncertainty to the sector. As for the three big socimis, this new reform does not affect them directly, but there are fears about possible future regulations. La Voz de Galicia:
Zara Man opens its doors this Friday at its new location in the As Termas shopping center, owned by Lar España. The Inditex flagship store thus puts an end to a concentration process that included the closure of the store in the historic center. Diario Palentino:
The Multiple Sclerosis Palencia association will organize an awareness activity on the occasion of the celebration of World Multiple Sclerosis Day at the Las Huertas shopping center, owned by Lar España. Cadena SER:
The Portal de la Marina shopping center, owned by Lar España, has organized a blood donation marathon, to be held on May 30 and 31.
Interview with José Ramón Iturriaga, manager of Abante Asesores, on the Spanish real estate market. Lar España, he stresses that he bet on shopping centers; they are the properties that everyone wants to have in their portfolio. El Economista:
Since the liquidation of Silicon Valley Bank, the Socimis Merlin Properties, Colonial and Lar España fell on the stock market. These falls left these stocks trading at an average discount of 54% on the net value of their assets, with Lar España offering the highest discount (56%). However, the media highlighted that the Socimi specializing in retail has risen 12% on the stock market this year. Europa Press:
The Lagoh shopping and leisure complex, owned by Lar España, has been chosen “Best new European shopping center development of more than 70,000 square meters” at the 2023 Design and Development Awards organized by the European Council of Shopping Places. ABC Sevilla:
Lar España made a significant outlay to develop the Lagoh shopping center and connect it to the city. Revista Centros Comerciales:
The importance of obtaining different sustainability certificates such as BREEAM or LEED.
El Inmobiliario Mes a Mes:
The CEOs of Lar España, Aedas Homes, Colonial and Merlin Properties participated in the V edition of the Iberian Reit & Listed Conference organized by Iberian Property and EPRA. The CEOs were critical of the unfair punishment on the stock market to which their values are subjected, but they are betting that the upward trend will soon return. El Economista:
Laura de Quintana noted that a dozen stocks announced their shareholder remuneration policy last week. He stressed that Lar España is returning to the path of the pre-covid dividend. The Socimi has approved a dividend of 0.60 euros gross per share, with a yield that beats 11.3%. El Inmobiliario Mes a Mes y Metros2:
Lar España tripled its profit, reaching a net profit of 72.9 million euros. The socimi’s revenues grew by 5.7% to stand at 83.6 million in 2022 compared to 79.1 in 2021. Inmodiario:
The main leaders of the Spanish real estate sector met at the V Iberian Reit & Listed Conference where they analyzed the new opportunities within the current economic context. Miguel Pereda, vice president of Lar España and president of Grupo Lar, participated in the first discussion table and pointed out that despite the fact that Lar España has exceeded the figures for 2019 in terms of occupancy and sales, they will maintain a cautious approach. Various media:
Bankinter recommends avoiding REITs due to their high exposure to offices and shopping centers. Bankinter pointed out that the rise in interest rates is causing the first adjustments in the valuation of assets, with logistics and retail being the most penalized. However, they stress that Lar España is the only one that has seen its NAV increase while Merlin Properties and Colonial have seen their valuations drop. El Español:
The Ibex Gender Equality index, which promotes gender equality, has risen 16.15% so far in 2023. The increase, therefore, beats the rise registered in the same period by the Ibex 35 itself by almost two points. The Ibex Gender Equality is made up of listed Spanish companies that have between 25% and 75% of female presence in their Board of Directors and between 15% and 85% in senior management. Among the companies that make it up, the outlet highlighted Lar España.
Lar España has increased its profit by a factor of 3, the improvement in valuations, the proposed dividend and the intention to divest certain retail parks. Bolsamanía:
Analysis by Javier Díaz, senior analyst at Renta 4 Banco, who pointed out that Lar España stands out among the biggest risers in the Contínuo because it has demonstrated the operational strength of its portfolio of dominant retail assets within its area of influence. El Nacional:
A review of the FY 2022 results of the four major socimis. Estrategias de Inversión:
Jon Armentia, Corporate Director and CFO of Lar España, and Hernán San Pedro, Director of Investor Relations and Corporate Communications of Lar España, presented the company’s 2022 results at Estrategias de Inversión. Expansión:
Rebeca Arroyo points out that the impact of rising interest rates, investment slowdown and macroeconomic instability is negatively affecting the value of real estate assets, especially in the logistics and retail segment. Expansión:
The Spanish stock market is going strong this year. Observatorio Inmobiliario:
Real estate experts met on February 15 at the V Iberian Reit & amp; Listed Conference where they analyzed the new opportunities in the sector in the current economic context. Observatorio Inmobiliario:
Jorge Pereda points out that the investment world has been a pioneer in raising the bar on sustainability and ESG criteria. Estrategias de Inversión:
Javier Díaz, analyst at Renta 4, who points out that the key to socimis’ results lies in asset valuations. Info Retail:
Lar España has completed a debt repurchase process totaling 110 million euros.