Lar España Real Estate SOCIMI SA is planning to invest €247 million for new development schemes and property enhancements as part of its 2018-2021 business plan.
Approximately €200 million of the total investment will be used to develop two shopping centers in Spain: the Vidanova Parc in Sagunto and the Palmas Altas in Seville. The properties are scheduled to open in 2018 and 2019, respectively, according to a release.
The Spanish real estate investment trust will also carry on with the divestment of non-strategic assets during the four-year period, and it expects to receive €380 million from the sale of its assets, comprised mainly of office buildings, and from the Lagasca 99 residential project in Madrid.
Lar España will also seek approval for a dividend payment equivalent to 5% of its net asset value at its next annual general shareholders meeting, while an extraordinary dividend is anticipated following the delivery of its Lagasca 99 project.
