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Castellana Properties Acquires 21.7% of Lar España from Pimco

The operation has been closed with a discount of 48% on the net asset value of the Socimi Grupo Lar.

miguel pereda consejero delegado de grupo lar y consejero de Lar Espana socimi 1024x614 1 1

The Socimi owned by Vukile Property, Castellana Properties, has closed the purchase of 21.7% of another Socimi specializing in shopping centres, Lar España. Castellana Properties acquired its stake in Lar from Pimco to become the largest shareholder of the listed company.

Castellana is taking advantage of a moment of weakness in the share prices of Socimis that focus on retail. This acquisition was made at a discount of 48% on the net value of Lar’s assets. “It represents a very attractive financial investment since it combines a high dividend yield with a potential for long-term capital appreciation,” say sources on the buy-side.

Read the full article in Spanish.


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