Grupo Lar protects its role as manager of the Lar España Socimi until 2030 in the event that the takeover bid (public acquisition offer) that the company itself has launched together with Hines, through the Helios RE consortium, for the shopping center firm is successful. .
Grupo Lar is the historical manager of the Socimi and after the agreement reached in the context of the takeover bid will extend its services until March 31, 2030. This means extending the management contract that is currently in force and was due to be renewed on December 31, 2026.
Furthermore, according to the new agreement, Grupo Lar may sign a maximum of ten consecutive one-year extensions, that is, until March 31, 2040. at the request of either party. After this period and if the contract is not resolved, there will be annual renewals.
The new agreement also contemplates changes in payment conditions. Thus, while the current contract includes a fee which is based on a fixed commission valued at 0.62% of the net asset value (NAV) of Lar España, the new contract fixes an annual base fee equivalent to 0.42% of the gross asset value (GAV)of Lar España and its subsidiaries. In both cases variable commissions would be added.
In the event that the takeover bid goes ahead, which already has an acceptance of more than 50% of the shareholders of the SOCIMI, Grupo Lar will receive compensation of 8.3 million of euros for the resolution of the current contract management, as the company highlighted yesterday in the presentation of third quarter results.
Recurring profit grows 17%
The SOCIMI closed the month of September with a net profit of 34.6 million euros in the first nine months of the year, which represents a drop of 31%, affected by extraordinary elements. Specifically, the decrease is explained by the additional income of more than 20 million euros that it added to its accounts in the same period last year, compared to the absence of that item this year.
Nevertheless, The company’s recurring net profit soared by 17%, to 48.5 million eurosafter increasing its comparable income by 4%, which reached 74 million euros between January and September 2024.
The nearly 1,000 rental contracts it has in its twelve centers and commercial parks registered total sales of 740.4 million euross, with a comparable growth of 5.2%. Likewise, these assets received an influx of 52.7 million people, 2.1% more in comparable terms.
The SOCIMI rotated 35,835 square meters of its commercial surface in 120 operations, with renegotiated rents worth 9.1 million euros and an average improvement of 4.2% on the indexation of the contracts, at the same time as the occupancy at closing. September increased eight tenths, to close to 97% of the total commercial area.
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