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The Socimi Lar España Closed 2022 with a Net Profit of €72.9 Million

Lar España's total income rose to 83.6 million euros in 2022, up by almost 6% YoY.

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The Socimi Lar España obtained a net profit of 72.9 million euros in 2022, which practically tripled the 25.8 million it recorded the previous year. In addition, the Socimi’s total income grew by 5.7% to reach 83.6 million euros in 2022, compared to 79.1 million euros in 2021.

The independent valuation of its 14 assets increased by 46 million euros between January and June 2022 and by a further 3 million euros between July and December 2022, to reach a final valuation of 1.473 billion euros by the end of 2022, 3.5% higher than the 1.424 billion euros recorded at the end of 2021. The two semi-annual valuations, like their 2021 equivalents, were carried out by the consultancies JLL and Cushman & Wakefield. In addition, the Socimi closed the year with an occupancy rate of 96.6% across its gross leasable area of 550,391 square metres, 50 basis points more than in 2021. Last year, Lar rotated 10% of its gross leasable area and obtained an average increase in rental income of 1.3% from its new leases. More than 65% of the Socimi’s contracts mature after 2025.

Read the full article in Spanish.

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