Lar España

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’s business activity focuses on investment in real estate assets throughout Spain in the retail, offices, logistics warehouses and prime residential sectors, seeking assets that are well-located and under-managed.

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.


  • Identification of the best investment opportunities in the Spanish market
  • Income-producing vehicle for our shareholders
  • Active management of the portfolio aimed at creating asset value


  • Continue to consolidate as one of the most active SOCIMIs in Europe and remain a benchmark company in the Spanish real estate sector
  • Improve the cash flows of the portfolio’s properties and generate value to maximise shareholder returns


  • Experience
  • Transparency
  • Commitment
  • Meticulous investment strategy
  • Quality
  • Sustainability

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.

Organisational structure

The Board of Directors is Lar España’s main governing body, the role of which is to supervise the management of the Company with the common aim of championing social interest.

It is also Lar España’s management system and possesses the most far-reaching powers in terms of the running of the company, except for matters that require approval from the Annual General Shareholders Meeting.

It is comprised of 5 independent members and 2 Proprietary Directors from Grupo Lar and PIMCO. All of the members of the Board of Directors hold or have held senior executive positions in listed companies in the financial and real estate sectors.

Lar España also features a Management Team that runs Lar España and is comprised of four people (three men and one woman) that benefit from extensive experience in the real estate sector, as well as an expert knowledge of the market.

Jon Armentia

Jon Armentia has been the company’s Corporate Director since 2014.

Jon was appointed Financial Director of Grupo Lar in 2006, and head of the shopping centre area. Prior to joining Grupo Lar he worked at Deloitte (formerly Arthur Andersen) for four years.

Jon has a Bachelor’s Degree in Business Management and Administration from Universidad de Navarra and has over 15 years of experience in auditing, finance and real estate, during which time he has served on several Committees and Boards of Directors.

Sergio Criado

Sergio Criado has been Chief Financial Officer of the Company since 2014.

He started his career in the IT and distribution sector. He has worked in the real estate sector since 2006, serving in different roles within the financial department of Grupo Lar in Spain and Portugal, from Head of Treasury & Financing to CFO.

He holds a degree in Business Administration and an Executive MBA. He boasts more than 17 years of experience in different positions within the financial and real estate sectors, and has served on several national and international Committees and Boards of Directors.

Susana Guerrero

Susana Guerrero is the Legal Manager and Vice-secretary to the Board of Directors of the Company. She joined Lar España in November 2014.

She previously worked as a corporate and M&A lawyer at Uría Menéndez for 10 years. Susana studied law at the Universidad Complutense in Madrid and has an LLM in Business Law from the Instituto de Empresa (IE).

Hernán San Pedro

Hernán San Pedro is the Company’s Head of International Relations.

He joined Lar España in January 2016. He previously worked as Head of IR at Sacyr Vallehermoso, Skandia-Old Mutual Group and Banco Santander.

Hernán studied Law at Universidad San Pablo – CEU (Madrid), holds an MTA from the European Business School and has over 25 years of experience in different positions within the financial, construction and real estate sectors.

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 2015, Lar España received the GOLD AWARD from the European Public Real Estate Association (EPRA) in recognition of the quality of the information provided within the Index standards framework.

In September 2016, Lar España was once again awarded with the prestigious EPRA GOLD AWARD. The winners were selected from a group of 177 real estate companies (97 of which are European companies listed on the FTSE EPRA/NAREIT Index).

In September 2017, for the third year running, Lar España was awarded the EPRA Gold Award in recognition of the quality of the financial information provided by the company. Lar España was also awarded its first EPRA Award for Sustainability (Silver), for the improvements it made during the last year in relation to its publications on Corporate Social Responsibility. In the same area, the company was awarded with the EPRA Most Improved Award for Sustainability.

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

According to the latest IPD report published by MSCI in April 2017, Lar España obtained an overall return of 15.5% in 2016, higher than the benchmark index (14.4%).

This difference in return was due to the strong capital return of 10.1% compared to 9.2% for the benchmark index, and to a lesser extent, due to the 4.9% rental yield obtained by the company, which was also higher than the benchmark.

Spain’s 2016 IPD Index includes 28 companies and 511 Spanish real estate investments valued at EUR20,500 million in December 2016, equivalent to 35% of the Spanish investment market.

Corporate Social Responsability

Creating shared value. Lar España recognises its ability to have an impact on the world we live in and has therefore set itself the objective of improving people’s quality of life, bolstering socio-economic progress in Spain and generating a financial return for investors.
Lar España is currently in the process of preparing a CSR Master Plan that will meet the most demanding sustainability standards, both in sector specific and general terms; the recommendations of the National Securities Market Commission (CNMV); its stakeholders’ expectations; the Sustainable Development Goals (SDGs) and the company’s business targets for the coming years.
Via four core principles, Lar España creates shared value that leads to economic and social progress, and also generates financial returns for our shareholders and investors.


Understood as both the physical and active environment that directly impacts our financial returns and generates value for the company.

Corporate Governance

Business model that aims to have a positive effect on the environment and society, as well as generate financial returns; easing environmental and social pressures generated by the business activity.

Social Capital

People’s talent forms the cornerstone of the economic model and the company’s value.


Properties that have a positive effect on their urban surroundings and generate a high return for our shareholders and investors.


c/ Rosario Pino, 14-16 – 8ª planta
+43 91 436 04 37