background

Home - Introduction

Quick View

MARKET ENVIRONMENT


Investment Volumes per Sector (Million €).

Investment

9,218

Million €

Investment increase vs 2014

27%

Record real estate investment in 2015: € 9,218 million,
up 27% year-on-year.

BUSINESS MODEL


Investment in established commercial property in Spain - assets in excellent locations presenting management upside - with a view to boosting cash flows and generating value:

  • Retail

  • Offices

  • Logistics

  • Residential

GOVERNANCE


CORPORATE GOVERNANCE

  • Updated Articles of Association and Board Regulations

  • Corporate Governance Policy

  • Remuneration Policy

  • Director Selection Policy

  • Board Performance Evaluation

  • Officer Evaluation

ETHICS AND COMPLIANCE

  • Code of Conduct and Whistle-blowing Channel

  • Crime Prevention Model

  • Anti-Money Laundering Manual

    CORPORATE SOCIAL RESPONSIBILITY

  • Corporate Social Responsibility Policy

  • Corporate Social Responsibility Master Plan

RISKS & OPPORTUNITIES


  • Risk Control and Management Policy

  • Enterprise Risk Management (ERM) System

  • Risk map and risk files

  • Monitoring strategy shaped by risk categories and Action Plan

PORTFOLIO RISK MANAGEMENT

Portfolio diversification by asset class and investment volume

STRATEGY


2015 results

  • 100% delivery of investment strategy
  • Average Yield on Cost above that of the competition
  • 12 assets acquired for a total of € 454 million
  • Mid-cap REIT specialised in medium-sized commercial property

  • Generation of compelling shareholder returns via portfolio yield: Annualised net rental income: € 50.9 million

  • Portfolio diversification

  • Innovative financing

  • Competitive profit-sharing policy. DPS: €0.201

  • Property acquisitions: carefully selected; proprietary dealflow

  • Active and diversified management - annual asset revaluation: 6.1%

  • Managed exclusively by Grupo Lar

OUTLOOK


€135 million equity raise to position the platform for the long term: continued active and innovative property management with the aim of creating sustainable value and becoming a sector benchmark

PORTFOLIO LEVERAGE

Target LTV: round to 50%