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Lar España makes 2 Spanish retail buys for €111M

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Lar España makes 2 Spanish retail buys for €111M

Lar España Real Estate SOCIMI SA made two retail property transactions in Spain for a total price tag of €110.7 million.

The REIT acquired the 54,100-square-meter, fully let Parque Abadía retail complex in Toledo, Spain, for €63.1 million, which the company said is the largest retail complex in the Castilla-La Mancha region.

Additionally, Lar España bought a 28,822-square-meter portfolio comprising 22 retail units for €47.6 million. The retail stores in the portfolio are fully leased and run by Grupo Eroski and are located in the Basque Country, Balearic Islands, Navarre, Cantabria and La Rioja regions of Spain.

Earlier in March, the REIT signed agreements with ING and BBVA to secure €103.9 million in financing to fund its real estate acquisitions over the coming months.

Clifford Chance, KPMG, Savills and LKS were advisers for the acquisition deals.