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Corporate Presentation. 31_12_2018
Summary 1. Company Snapshot
2. Strategy based on competitive advantages
4. Business Areas
Grupo Lar’s resilience though diversification
Trusted Manager
Solid Management Pillars
Offices
Residential
Shopping Centers
Industrial & Logistics
5. Appendices
Main Alliances & JV
Significant Projects
3. Grupo Lar by Country
Equity owned 100% by the
Pereda family.
Adoption of corporate
governance measures: 5 of
10 directors are independent
/ highly recognized
professionals in the real
estate and/or financial field.
295 people in 7
countries/ Training
programs in each
country and talent
selection process for
the consolidation of
middle managers.
Presence in Europe
and America (6
countries).
Developers, investors
and managers in
Shopping Centres,
Residential, Offices
and Logistics.
Co-investor and
Operational Partner
for Institutional
Investors and Hedge-
Funds.
Manager of Lar
España Real Estate,
first Spanish REIT to
be listed on the
Spanish Real Estate
market.
€189M Equity;
€50.3M EBT in
2018.
• Grupo Lar is a prestigious family-owned Spanish real estate company with 50 years of experience in the development,
investment and management of real estate assets both nationally and internationally.
• Joint Ventures with Tier 1 Investors and long-term relationships with Financial Institutions.
• Grupo Lar has overcome the worst of the crisis thanks to its diversification and financial soundness.
01 Stable
Ownership &
Corporate
Governance
Grupo Lar: Competitive Advantages
02 Solid
Management
Team
03 Geographical
Diversification
04 Business
Diversification
05 Trusted
Manager and
Partner
06 Strong
Financial
Structure
5 Independent
Directors
Total of 10
Directors
Mr. Luis Pereda
Executive Chairman
Mr. Miguel Amo
Mr. Miguel Pereda Mr. Jaime Pereda
Secretary
Miss. Inés Andrade
Vice President and Managing Partner
of Altamar Capital Partners
Mr. Teodoro Millán
Managing Partner and Co-founder of
Socios Financieros
Previously, General Manager
Director and shareholder of Benito y
Monjardín, S.V.B.
Mr. Jeremy Newsum
Executive Director of Grosvenor
Estate since 1993.
Group Executive Director from 1989
to 2008
Mr. Antonio Rodríguez Pina
Deutsche Bank’s Country Head in Spain
Maribel Plaza
Mr. Enrique Dupuy de Lôme
CFO IAG 2011-2019
Chief Financial Officer of Iberia
1990-2011.
President of the IATA Financial
Committee 2003-2005.
Solid Management Pillars Board of Directors
Management Team
MIGUEL PEREDA
Iberia CEO
LUIS PEREDA
International CEO
MARIBEL PLAZA
International COO
IGNACIO BEZARES
Regional Manager
MIGUEL AMO
Corporate Development
General Manager
ELISA SANZ
Corporate CFO
GRUPO LAR INVERSIONES
INMOBILIARIAS BOARD
6 Peop.
IGNACIO
BEZARES
Mexico
General Manager
35 Peop.
ANA CECILIA
GALVEZ
Peru
General Manager
25 Peop.
GUILHERME
CARLINI
Brasil
General Manager
14 Peop.
JANUSZ
KRASZEUSKI
Poland
General Manager
8 Peop.
CRISTINA
RODRIGUEZ
HHRR Manager
3 Peop.
4 Peop.
F. MORENO
Residential Iberia
COO
14 Peop.
MERCÈ GENÊ
Logistics
Director
4 Peop.
J.A GARCÍA
Development
Director
9 Peop.
SERGIO GARCÍA
Asset
Management
Director
10 Peop.
JUAN CARLOS
URBANO
Iberia CFO
22 Peop.
J. MANUEL LLOVET
Tertiary Iberia
General Manager
6 Peop.
11 Peop.
Solid Management Pillars
(*) Residential plots valued at sale price of potential dwellings to be developed.
SC, Offices and Logistics are valued according external appraisals (JLL, Cushman & Wakefield)
(**) Equity invested in current portfolio: Grupo Lar Equity + Third Parties Equity (e.g. Lar España, Baupost)
Grupo Lar’s resilience though diversification
Business Activity in
2018
DWELLINGS
SOLD 1,323
DWELLINGS
DELIVERED 1,149
+3,600
€M
TOTAL MANAGED
PORTFOLIO(*)
+1,889
€M
MANAGED
EQUITY (**)
Grupo Lar enjoys a strong financial position in spite of the worst crisis suffered by the Spanish Real Estate sector thanks to its
geographical and asset class diversification.
Grupo Lar’s resilience though diversification
Managed Assets Diversification (sqm)
13.116 Dweelings; 1,454,754 sqm
18 Shopping Centers; 646,372 sqm of GLA
(*)2 Office Buildings; 15,238 sqm of GLA
1 Logistic Centers; 23,258 sqm of GLA
Geographical Diversification (million of euros managed)
Europe: 58%
America: 42%%
Colombia
2%
Peru
16% Brazil
7%
Poland
3%
Spain
55%
Mexico
17%
68%
30%
1%
1%
(*) The sale of both office buildings was completed in the first quarter of 2019.
Grupo Lar enjoys a strong financial position in spite of the worst crisis suffered by the Spanish Real Estate sector thanks to its
geographical and asset class diversification.
Grupo Lar has successfully partnered with the Real Estate
funds of highly regarded international institutions.
e.g. 50-50% JV With Grosvenor, from 2000 to 2008, to
develop, invest and manage Offices, Shopping and
Business centers in Spain. 6 Industrial Parks, 6 Offices
Buildings and 13 Shopping Centres.
e.g. Grupo Lar and Whitehall (Goldman Sachs) set up an
alliance (1998-02) to invest in Shopping Centres and Offices. .
Grupo Lar has a proven track record in Joint Ventures and alliances with first-tier investors and corporate clients, helping
them to make their investment profitable by contributing with real estate experience and knowledge.
Long term successful Joint Ventures Alliances and JVs to invest in different assets and locations
Germany: In 2007, Grupo Lar invested in Office and
residential business for La Caixa Private Banking Clients.
Spain:
Shopping Centres: JVs with Invanhoe Cambridge,
Eroski, Vastned Retail, Acciona Inmobiliaria, GreenOak,
Sonae Inmobiliaria, Morgan Stanley, GE Capital,
Henderson and Rockspring.
Residential: More than 3,850 dwellings under alliances
with Banco Sabadell, Bankia, AXA RE and Catalunya
Caixa, and Real Estate developers.
LatAm: Strategic Alliances and JVs with Grupo Acción in
Mexico; and Cosapi in Peru
Trusted Manager Alliances & Join Ventures
Shareholder structure
Strong Corporate Governance
Grupo Lar is the exclusive Manager of Lar España Real Estate whose target is to generate high returns to its shareholders via its
business strategy of owning, operating and renting its Real Estate portfolio.
Overview
Board Structure
December 31st, 2018
Independent Board of Directors (5 out of 7
members are independent).
Highly regarded individuals. All members of the
Board of Directors occupy or have occupied senior
management positions in listed companies of the
financial and real estate sectors.
First IPO of a Spanish Reit listed on the Spanish
Stock Exchange (march 2014).
Focused on creating both sustainable income and
strong capital returns, targeting total shareholders
in excess of 12% per annum.
Lar España went public in
March 2014 (IPO proceeds of
€400MM) and has opted for
the SOCIMI tax regime.
Capital increases have been
made in 2015 and 2016
raising €276MM.
It is externaly managed by
Grupo Lar
The company’s strategy is
to acquire real estate assets
for rental purposes with high
return potential consisting
primarily on commercial
property (mainly retail and
office).
€1,087MM and 622,643 sqm
invested to date.
Portfolio valued in 1,536MM
at december 31st, 2018.
Lar España Real Estate
Trusted Manager
Name Position
José Luis Del Valle Chairman and Independent Director
Alec Emmott Director, Independent
Roger Maxwell Cooke Director, Independent
Leticia Iglesias Director, Independent
Isabel Aguilera Director, Independent
Miguel Pereda Domanial Director (Grupo LAR)
Laurent Luccioni Domanial Director (PIMCO)
Juan Gómez-Acebo Secretary (Non-Director)
Susana Guerrero Vice-secretary (Non-Director)
Acquisition and Management of a 1,700 dwelling portfolio
from the Spanish “bad bank” for €232MM.
In partnership with Fortress and Sareb.
1,100 finished dwellings, 205 building dwellings and 3 plots of
land for the development of 400 dwellings.
Since 2013 Grupo Lar manages a residential portfolio from Sareb initially valued at €232MM* and a Shopping Centre
Portfolio from Vastned initially valued at €160MM. In both portfolios Grupo Lar holds a minority share.
Proven ability to Invest and Manage Real Estate Portfolios VASTNED
Adquisition of a €160MM Shopping centre portfolio from
Vastned.
In Partnership with Baupost and GreenOak.
Anchors: Carrefour (5 assets), Leclerc, Leroy Merlin and
Media Markt.
Divestment has started with a revaluation of around 70% in the
four SC that have been sold..
(*) Number expressed in sales value.
Trusted Manager Adquisition of Sareb and Vastned Portfolio in partnership with tier 1 Investors
PANORAMA, “Architecture, Urbanism and
Public Service Award 2007” in the category of
New Residential Developments granted by the
Town Hall of Madrid.
PANORAMA, “National Architecture Award
2007” granted by the Spanish Ministry of
Housing.
ISLAZUL, “Best Shopping centre Award 2007”,
awarded by La Gaceta de los Negocios, and
ISCS Award finalist for the Best European
Shopping Centre..
CRISALIS, “Innovation Award“, awarded by
the Government of Madrid (2004).
SARRIÁ FORUM, “Most innovative building”
Real Estate Quatrium Awards, granted by
Grupo Vía (2003).
PARQUE PRINCIPADO, “Best Large
Shopping Centre", awarded by The Spanish
Association of Shopping Centres (2002).
SERRANO 55, “Best non Residential
Development Award” granted by the Town Hall
of Madrid (2001).
Awards
Trusted Manager
Miguel
Pereda
Miguel
Amo
Itziar
Mendizabal
Ana
Lorenzo
Members of the Board December 31st, 2018 business indicators
Grupo Lar by Country SPAIN
UNITS
SOLD 273 UNITS
DELIVERED 177
Residential
Shopping
Centres
Offices
Logistics
Land for
sale
Finished
Product
Inventory in
Development Square Meters/GLA
Nº of Dwellings
Managed Assets
(Millions of Euros)
Owned Assets
(Millions of Euros )
31,378 m2
100,469 m2
27,757 m2
314 uds
745 uds
95 uds
10 €MM
219 €MM
176 €MM
10 €MM
131 €MM
8.6 €MM
159,604 m2 1,151 uds 405 €MM 150 €MM TOTAL
646,376 m2 1,496 €MM 146 €MM
15,238 m2 76 €MM 8 €MM
TOTAL
• Managing Director of
Grupo Lar for Europe
since 2007.
• Member of Lar
España Real Estate
Board.
• CEO of Grupo Lar
Grosvenor for six
years.
• Over 25 years, in the
real estate sector.
• Business degree
from the
Complutense
University of Madrid,
MBA from IE and a
Master from IMD.
• Managing Director of
Residential Europe
and Mexico.
• Board Member of
Grupo Lar.
• Previously, Managing
Director of Peru and
Colombia.
• Previously, Financial
Director, Residential
Director, and Country
Manager of Portugal,
Mexico and France.
• Business
Administration degree
from Complutense
University of Madrid
and MBA from IESE.
• Director with legal-
financial background and
20 years of experience in
general management
roles in top-tier
companies in the real
estate and financial
sectors.
• Currently Real Estate
Senior Business Advisor
at PwC.
• Formerly Property Area
Director and Director of
Strategy and Finance at
Metrovacesa.
• Law Degree from the
University of Deusto,
MBA from IE Business
School and MRICS.
• Extensive experience as
General Manager in
multinational companies,
member of Board of Directors
and international development
teams in various companies
in the consumer goods,
telecommunications and
healthcare sectors.
• Specialization in
organizational development
and new businesses, Mergers
and Acquisitions and
business integration.
• Advisor to various companies
and startups. Formerly
General Manager at
Seguriber-Umano and
Associate Consultant at BPM
Executive Search.
• Degree in Industrial
Chemistry, MBA from
Columbia University and
Master in Bioethics from the
University of Comillas in
Madrid.
23,258 m2 16 MM€ 9 MM€
684,871 m2 1,588 MM€ 163 MM€
Luis
Pereda
Ignacio
Bezares
Santiago
Castillo
MEXICO
196 360
145,817 m2
475,874 m2
1,530 m2
750 uds
2,279 uds
7 uds
42 €MM
583 €MM
1 €MM
42 €MM
583 €MM
1 €MM
623,220 m2 3,036 uds 625 €MM 625 €MM TOTAL
Directors of the Board
UNITS
SOLD
UNITS
DELIVERED
Grupo Lar by Country
Residential
Shopping
Centres
Offices
Logistics
Land for
sale
Finished
Product
Inventory in
Development Square Meters/GLA
Nº of Dwellings
Managed Assets
(Millions of Euros)
Owned Assets
(Millions of Euros )
• Executive Member of Grupo Lar.
• Graduated from the Complutense
University of Madrid with a BA in
Law and a BS in Econometrics
• Postgraduate degrees from IESE,
MIT and Harvard.
• Professor of Management at the
Instituto de Empresa in Madrid
• Advisor to the Board of Grupo
Barceló
• Member of the Advisory Board of
GED Fund Management.
• Regional manager of Mexico and
Peru since 2016
• Country manager of Grupo Lar
Mexico since 2008.
• He previously worked for
Santander, Sacyr and Grupo Lar.
• Extensive experience in
residential development projects
and managing real estate
investment funds.
• Degree in business administration
from Universidad San Pablo Ceu
in Madrid and PDD from IESE.
• More than 20 years of financial and
business experience
• Founder of Libélula Capital Privado, a
firm dedicated to advising on the
management of private equity
investments and on financial advising
and consulting.
• Previously, managing partner of
Advent International, a leading global
private equity firm.
• Degree in Electrical Mechanical
Engineer from the Universidad
Iberoamericana and MBA from
Stanford University as a Fulbright
Scholar.
December 31st, 2018 business indicators
Fabio De
Araujo
Nogueira
Luis
Pereda Odair
Senra
BRAZIL
46 119
207,661 m2
8,521 m2
1,923 uds
56 uds
242 €MM
4 €MM
242 €MM
3 €MM
216,182 m2 1,979 uds 246 €MM 246 €MM TOTAL
Directors of the Board
UNITS
SOLD
UNITS
DELIVERED
Grupo Lar by Country
Residential
Shopping
Centres
Offices
Logistics
Land for
sale
Finished
Product
Inventory in
Development Square Meters/GLA
Nº of Dwellings
Managed Assets
(Millions of Euros)
Owned Assets
(Millions of Euros )
• Executive Member of
Grupo Lar.
• Graduated from the
Complutense
University of Madrid
with a BA in Law and a
BS in Econometrics
• Postgraduate degrees
from IESE, MIT and
Harvard.
• Professor of
Management at the
Instituto de Empresa in
Madrid
• Advisor to the Board of
Grupo Barceló
• Member of the
Advisory Board of GED
Fund Management.
• Independent member of
the Board of Directors of
BR Properties.
• Previously he developed
his functions as
Managing Director of
America Latina de CPP-
IB (Canadá Pension Plan
Investment Board)
• Until 2012 he was a
member of the Board and
Co-Chairman of BFRE -
Brazilian Finance and
Real Estate and vice-
president of Brazilian
Securities, Brazilian
Mortgages y Brazilian
Capital.
• Chairman of the Board
of Directors of Gafisa
S.A.
• 40 years of experience
in the Real Estate sector
• Degree in Civil
Engineering from the
School of Engineering of
MAUA (Sao Paulo) and
MBA from the University
of Sao Paulo.
December 31st, 2018 business indicators
Ana
Cecilia
Gálvez
Julio
Luque
Ignacio
Bezares
Luis
Pereda
PERU
215 197
306,330 m2
33,425 m2
5,071 uds
28 uds
558 €MM
3 €MM
528 €MM
1 €MM
339,756 m2 5,099 uds 561 €MM 529 €MM TOTAL
215
Directors of the Board
UNITS
SOLD
UNITS
DELIVERED
Grupo Lar by Country
Residential
Shopping
Centres
Offices
Logistics
Land for
sale
Finished
Product
Inventory in
Development Square Meters/GLA
Nº of Dwellings
Managed Assets
(Millions of Euros)
Owned Assets
(Millions of Euros )
• Country Manager of
Grupo Lar in Peru.
• Previously 15 years in
Interbank and 3 years
in TM Gestión
Inmobiliaria.
• Degree in Economics
and Master in
Finance.
• Chairman and Partner
of Métrica e Infinita
Consultores,
Chairman of Casa
Andina Hoteles and
member of the Board
of various Companies.
• Previously Managing
Director of SC
Johnson & Johnson in
Venezuela and Brazil.
• Mechanical Engineer
and MBA from IESE.
• Regional manager of
Mexico and Peru
since 2016
• Country manager of
Grupo Lar Mexico
since 2008.
• He previously worked
for Santander, Sacyr
and Grupo Lar.
• Extensive experience
in residential
development projects
and managing real
estate investment
funds.
• Degree in business
administration from
Universidad San
Pablo Ceu in Madrid
and PDD from IESE.
• Executive Member of
Grupo Lar.
• Graduated from the
Complutense
University of Madrid
with a BA in Law and
a BS in Econometrics
• Postgraduate degrees
from IESE, MIT and
Harvard.
• Professor of
Management at the
Instituto de Empresa
in Madrid
• Advisor to the Board
of Grupo Barceló
• Member of the
Advisory Board of
GED Fund
Management.
December 31st, 2018 business indicators
Janusz
Kraszewski
Luis
Pereda
Jaroslaw
S.Myjak
POLONIA
333 419
46,947 m2 737 uds 92 €MM 92 €MM
46,947 m2 737 uds 92 €MM 92 €MM TOTAL
Directors of the Board
UNITS
SOLD
UNITS
DELIVERED
Grupo Lar by Country
Residential
Shopping
Centres
Offices
Logistics
Land for
sale
Finished
Product
Inventory in
Development Square Meters/GLA
Nº of Dwellings
Managed Assets
(Millions of Euros)
Owned Assets
(Millions of Euros )
• Country manager of Grupo Lar in
Poland.
• Previously Managing Director of
Boygues Inmobiliere in Poland.
• Degree from Polytechnic of
Warsaw and holds a Master from
the Warsaw University
• Executive Member of Grupo
Lar.
• Graduated from the
Complutense University of
Madrid with a BA in Law and a
BS in Econometrics
• Postgraduate degrees from
IESE, MIT and Harvard.
• Professor of Management at
the Instituto de Empresa in
Madrid
• Advisor to the Board of Grupo
Barceló
• Member of the Advisory Board
of GED Fund Management.
• Non-executive independent director.
• 25 years of service in executive and
non-executive positions in banking,
life insurance, pension funds and
other financial services in Poland.
• General Director of Commercial
Union-Aviva, Director of Citibank,
Deputy General Manager of PKO
Bank Polski SA
• He has an MA in American Studies,
a Master of Law, he has studied at
the University of Toronto
(Economics) and Amsterdam
(American Law).
December 31st, 2018 business indicators
Maribel
Plaza
Ignacio
Bezares
COLOMBIA
86 51
68,981 m2 1,113 uds 83 €MM 83 €MM
68,981 m2 1,113 uds 83 €MM 83 €MM TOTAL
Directors of the Board
UNITS
SOLD
UNITS
DELIVERED
Grupo Lar by Country
Residential
Shopping
Centres
Offices
Logistics
Land for
sale
Finished
Product
Inventory in
Development Square Meters/GLA
Nº of Dwellings
Managed Assets
(Millions of Euros)
Owned Assets
(Millions of Euros )
• Board Member of Grupo Lar
• Corporate Director of Grupo Lar
for more than 13 years.
• Previously, Senior Auditor in
Deloitte.
• Business Administration degree
from the Complutense University
of Madrid.
• Regional manager of Mexico and
Peru since 2016
• Country manager of Grupo Lar
Mexico since 2008.
• He previously worked for
Santander, Sacyr and Grupo Lar.
• Extensive experience in
residential development projects
and managing real estate
investment funds.
• Degree in business administration
from Universidad San Pablo Ceu
in Madrid and PDD from IESE.
December 31st, 2018 business indicators
Spain; 9%
Poland; 6%
Mexico; 23%
Colombia; 8%Brazil; 15%
Peru; 39%
Eastern Europe; 2%
France; 24%
Mexico; 16%
Spain; 48%
Spain; 100%
Special focus on
diversification in LatAm
2003 Managed Portfolio: 8,211 units 2007 Managed Portfolio: 22,739 Units Managed Portfolio 12/31/2018: 13,116 units
2003
All Investments
in Spain
2007 2004
First Investments in Mexico
Investment in France
2005 2006
Investment in Romania,
Hungary, Germany and
Poland
2008-2013
• Sale of investments
in France
• Investment in Brazil
• Start of operations in
Colombia and Peru
2018
RESIDENTIAL
Residential evolution shows Grupo Lar’s ability to adapt to changing market conditions
1.880
1.413
405 372
503553
783
1.0381.108
1.2461.328 1.352
1.149
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
RESIDENTIAL
Experience and know-how: Grupo Lar sells almost 10,000 homes in the last 10 years and manages to anticipate the end of the
crisis.
Over 15 years of experience investing, developing and managing Shopping Centres. Internal
shopping centre management model along the following lines: Over 15 years of
experience
Proven expertise in
development, investment
and management of SC
Providing services for
some of the top
investment companies
Development Gentalia Investment & Management
Grupo Lar made some co-investments with top investors such as Goldman Sachs, Grosvenor, Sonae
Sierra, Ivanhoe Cambridge, Henderson Global Investors and Grupo Eroski.
7 Shopping Centres:
• Developed and managed until
their completion: 4 centres,
182,000 sqm of GLA and
€374MM of investment.
• Divestment during development:
3 shopping centres, 151,000
sqm of GLA and €335MM.
Volume of assets
managed by Gentalia:
• 46 shopping centres,
1,459,204 sqm of GLA
with rents worth over
€117MM
Historic investment volume:
• €1,509MM and over 976,626 sqm of GLA.
Current managed portfolio volume:
• 18 shopping centres, 646,376 sqm of GLA
worth €1,588MM.
SHOPPING CENTRES
Retail Expertise
At December 31st 2018 Grupo Lar managed 18 Shopping Centres, total
GAV €1,495m and 646,376 sqm of GLA
5
10 15
1 2
3
4
5
6 7
8
9
10
11
12
13
14
15
(*) Portfolio distributed throughout the peninsula and Balearic Islands
Current Managed portfolio
SHOPPING CENTRES
Asset GLA (sqm)Market Value
(Million €)
1 Albacenter 27.890 60
2 Vistahermosa 33.363 51
2 Puerta Marítima Ondara 40.158 129
3 MegaPark 83.366 222
4 Anec Blau 28.632 97
6 Txingudi 10.712 38
7 El Rosal 51.156 110
8 As Termas (SC+ Gasolinera) 35.127 88
9 Madrid Sur 23.874 18
9 Getafe Sector 3 20.340 1
9 Rivas Futura 36.447 68
10 La Rosaleda 15.528 31
11 Las Huertas 6.267 13
12 Palmas Altas 70.000 201
13 Parque Abadia 43.154 83
14 Vidanova Parc 45.568 60
15 Gran Vía de Vigo 41.432 173
(*) Portfolio Eroski 33.363 53
Total 646.376 1.495
Grupo Lar has acquired or developed and disinvested a Portfolio of 22 Shopping Centres.
:developed by Grupo Lar
2002
• Garbera (Guipúzcoa)
• Vallsur (Valladolid)
• Albacenter (Albacete)
2004
• Urbil (Guipúzcoa)
2007
• Lorca (Murcia)
• Cornella (Barcelona)
2008
• Parque Principado
(Asturias)
2009
• Ribera del Xuquer
(Valencia)
2011
• Caudalia (Asturias)
• El Mirador (Madrid)
• Alzamora (Alicante)
2012
• Factory (Huelva)
2013
• Parque Ceuta (Ceuta)
• Arcos de la Frontera (Cádiz)
• L’Aljub (Alicante)
• Navalmoral (Cáceres)
• Puerto Llano (Ciudad Real)
• Puente Genil (Córdoba)
• Los Alcores (Sevilla)
• Los Palacios (Sevilla)
2014
• Islazul (Madrid)
2015
• Airesur (Sevilla)
SHOPPING CENTRES Historic Managed Portfolio
• Grupo Lar has developed office projects, managing and controlling the entire process from purchase to delivery, including design, planning and marketing and partial or total asset remodeling processes, providing a clear repositioning of assets in the market.
• So far, Grupo Lar has developed and managed 10 singular office buildings with more than 140,000 sqm, some of the most unique buildings in Madrid and Barcelona.
• Some noteworthy examples:
• Serrano 55 (Morgan Stanley’s head office).
• Serrano 49 (RBS`s head office).
• Crisalis’s Building (Amex’s head office).
• Sarria Forum (E&Y’s head office).
• Castellana 280 (Repsol’s head office)
OFFICES Historic Managed Portfolio
Portfolio Evolution
2006 2012 2017 2018
Experience in the Industrial Market
+274.654 sqm
+68.000 sqm
+205.000 sqm
LOGISTICS
More than 250,000 sqm of industrial parks developed since 2003. portfolio evolution shows ability to
adapt to market changes
• Since 2006, the peak of Industrial Parks activity, industrial
exposure in Spain has been reduced in accordance with the crisis.
• Grupo Lar disinvested in 2018 in the 5 logistical warehouses and
the one piece of land for logistical development it had under
management.
0 sqm
Historic Managed Portfolio
• 10 Industrial Parks developed since
2003.
• Specializing in the concept of
Industrial Park.
• Small and medium size warehouses.
Experience in Industrial Parks Experience in Industrial Warehouses
• 4 Logistics warehouses in Guadalajara
occupying c. 143,000 sqm:
• Alovera I, with 35,196 sqm hosts Tech
Data.
• Alovera II, with 83,952 sqm, where
Carrefour is the only tenant.
• 1 Logistics warehouse in Almussafes
(Valencia) occupying 19,211 sqm.
• Of all Grupo Lar's strategic alliances, the
joint venture with Grosvenor is one of the
most relevant. Between 2000 and 2008,
the JV was 50%, with a strategy focused on
the development, investment and project
management of offices, shopping centres
and business centres in Spain.
Alliance 2000 – 2008
EAT of 52 €MM
obtained between
2002-2005
Business relationship with
renowned international
companies
• Between 2002 and 2005, Lar Grosvenor
had an income of 109 €MM and Earnings
After Taxes of 55 €MM.
• Under this JV, Grupo Lar has developed
and managed 6 Industrial Parks, 6 Office
Buildings (48,000 built sqm) and 13
Shopping Centres (546,701 sqm of GLA),
establishing relationships with renowned
international companies.
MAIN ALLIANCES & JV Lar Grosvenor
• Ivanhoe Cambridge: Islazul shopping
centre development (90,000 sqm of GLA
and €192MM of AIC).
• Eroski: development of 4 shopping centres
with a total GLA of 145,000 sqm.
• Vastned Retail: purchase and
management of Madrid Sur shopping
centre (24,000 sqm of GLA).
• Acciona Inmobiliaria: development of 2
shopping centres in Lorca and Cornellá
(44,000 sqm and 54,500 sqm of GLA
respectively).
• GreenOak: agreement to raise an investment
fund focused on shopping centres and offices
in Spain.
Shopping Centres
MAIN ALLIANCES & JV
• Sonae Inmobiliaria: Purchase and
management of Parque Principado shopping
centre, in Oviedo with a total GLA of 75,500
sqm.
• Whitehall: Investment funds managed by
Goldman Sachs. Investment in 4 shopping
centres, with a total GLA of 109,193 sqm and 2
office buildings with a total area of 27,000
sqm. Alliance lasted between 1998 and 2002.
• GE Capital: Carcaixent shopping centre
development with a total GLA of 33,000 sqm.
• Henderson Global Investors: Investment and
management of L´Aljub shopping centre in
Alicante with a total GLA of 46,000 sqm.
• Rockspring: development of the shopping centre
Vidanova Park in Sagunto (Valencia), 46,000 sqm.
MAIN ALLIANCES & JV Shopping Centres
• More than 3,850 dwellings developed under
alliances with Spanish developers and
financial entities.
• Iberia business unit has signed alliances
with several financial entities and insurance
companies.
• Some examples:
• Banco Sabadell: 14 projects and 1,560 dwellings.
• Bankia: 2 projects and 520 dwellings.
• AXA RE: 6 projects and 215 dwellings.
• Catalunya Caixa: 9 projects and 1,560 dwellings
• In addition, Grupo Lar has undertaken projects
together with other Spanish developers with which it
has developed more than 1,000 homes.
Residential Product in Spain
MAIN ALLIANCES & JV
• The “Polarea” development was acquired by Grupo
Lar in December 2006 as an industrial plot in the
centre of one of the best areas in Mexico City
(Polanco).
• Since then, the aim has been to convert the
industrial use into residential + offices + commercial
premises, through an extremely complex Master
Plan that was finally approved in the last quarter of
2008.
Acquired in 2006 as an
industrial plot.
Development of over 4,400
residential units.
• The Master Plan included 550,000 buildable
sqm for 4,400 residential units and
commercial area, and 165,000 sqm of GLA
for offices.
• 75% of the land was sold between 2009 and
2012.
• 979 units delivered as of December 31st,
2018.
SIGNIFICANT PROJECTS Example of Residential Development: POLÁREA - MÉXICO
• Grupo Lar is de manager of the “Lagasca 99”
development project acquired through a JV
between Lar España and PIMCO in January of
2015.
• The development of the plot is considered as
the most exclusive residential project of Madrid.
Designed by Rafael de la Hoz.
• High demand due to a lack of supply of luxury
residential apartments in Madrid.
Located in the most
exclusive area of the
city centre (Salamanca
Neighborhood).
Designed by one of the
most prestigious
Spanish architects.
Development of 44
luxury residential units
• The plan included a total area of 26,203 sqm
of which 19,453 sqm are buildable and
divided in 44 residential units.
• The development has some of the largest
operations in the high-end residential market.
Example of Residential Development : LAGASCA 99 - MADRID
SIGNIFICANT PROJECTS
• Project located in Jundiaí, a thriving and
developing city, 50 km from Sao Paulo with
a population of 370,000.
• The development consists of 555 multi-
family dwellings of 2, 3 and 4 rooms with
spacious communal areas and over 15,000
sqm of exclusive “forest”.
Grupo Lar’s first
operation in Brazil:
February 2011.
Development
consisting of 555
dwelling distributed
over 6 towers.
• Located in the Moisés district, one of the
most highly valued in the city, close to the
main avenue and the motorway which
connects the city to Sao Paulo.
• Development aimed at an upper class
market with an average price per unit of
400,000 R$ (115,000€ approx.).
• All phases have been delivered.
Example of Residential Development : FOREST - BRASIL
SIGNIFICANT PROJECTS
• Project located in Warsaw in the Bielany
district.
• The project consists of 580 multi-family
dwellings distributed in 4 buildings of 2, 3
and 4 bedrooms. The project includes some
commercial premises on the ground floor.
• All phases have been delivered.
Development of 580
dwellings distributed
over 4 buildings.
The 4 phases are
delivered.
• Strategically located opposite the
underground entrance and next to the bus
station.
• Aimed at a middle class market.
Example of Residential Development : BIELANY - POLONIA
SIGNIFICANT PROJECTS
• Panorama is a residential development
consisting of one 75 metres high 22 storey
building and 116 dwellings of 1, 2 and 3
bedrooms, duplex and lofts, parking spaces
and storage rooms included.
• Panorama also has 24 duplex and triplex
dwellings, with 3 and 4 bedrooms, all of
them with garden and swimming pool. The
residential development has green areas, a
gym and swimming pools.
Residential development
with 116 dwellings
Part of residential area “Isla
Chamartín”
Next to the new financial
centre of Madrid and the
urban development
“Operación Chamartín”
• Located in the new urban development of
“Isla Chamartín” an area in the north of
Madrid next to financial area of Madrid.
Example of Residential Development : PANORAMA - MADRID
SIGNIFICANT PROJECTS
• Grupo Lar entered into a 50/50 joint venture
with Banco Sabadell in 1999 in order to
develop this area. The development of the
residential area was executed in conjunction
with the City of Madrid. As part of this project,
Grupo Lar undertook full development of the
site from initial design to the construction and
subsequent sale of the residential units.
Residential development
with 577 dwellings.
Project Execution in
conjunction with the City of
Madrid.
Full development of the site
from initial design to sale.
• Grupo Lar sold the last developed unit in 2006,
and in conjunction with the urbanization of the
whole residential development in Carabanchel’s
PAU, Grupo Lar received as part of the payment
the land plot on which it later developed a
successful shopping centre, Islazul, sold in 2014.
Example of Residential Development: CARABANCHEL - MADRID
• Carabanchel is a residential development area in
the southwestern suburbs of Madrid. It included
577 residential units totaling 66,956 sqm to let.
SIGNIFICANT PROJECTS
• Islazul was developed by Grupo Lar in the
southern area of Madrid. It opened in April
2008, becoming a landmark and a new
reference shopping space in the city, focused
on the middle-market segment (middle-class
customers).
• Owned by Grupo Lar and Ivanhoe Cambridge,
it was sold in October 2014 for €232MM.
Second biggest Shopping
Centre in Madrid
90,000 sqm GLA, and 4,200
parking spaces
175 stores
Sold on October 2014 for
€232MM
• Through Islazul, Grupo Lar has proven its capacity
to develop new ideas and new concepts in a
market with strong competition. Islazul was the first
of a new generation of shopping centres in Madrid,
with a revolutionary ETFE* roof cover, which
provides natural daylight, and a significant
decrease in energy consumption.
• Islazul was one of the finalists of the ICSC awards
in the category of New Development of “Very Large
Shopping Centre”, competing with another four
shopping centres in Europe.
*Transparent durable fluorocarbon-based material related to Teflon.
Example of Shopping Centre Development : ISLAZUL - MADRID
SIGNIFICANT PROJECTS
• Morgan Stanley’s current headquarters in
Madrid. It has 5,382 sqm and 100 parking
spaces.
• Designed by the renowned architect Gabriel
Allende, it has a sophisticated hi-tech
design.
5,382 sqm and 100 parking
spaces
Hi-tech architecture
“Best non residential
project in Madrid” (2001
• In 2001 this building was awarded the
prize “Best non residential project in
Madrid”. It has also been awarded the
prize of “Premio a los Oficios” granted
by the Comunidad de Madrid.
Example of Office Development : SERRANO 55 - MADRID
SIGNIFICANT PROJECTS
• Coslada I plot was the first industrial
investment for Grupo Lar.
• With 13,000 sqm of buildability, it is located in
the Coslada industrial area, in the Corredor del
Henares, within the range of the capital. The
plot is located 5 minutes from the airport and
has direct access to roads: A-2, M-30, M-40
and M-45
First industrial deal for
Grupo Lar
€15MM in sales
13,000 sqm of buildability
39 warehouses
Delivered in May 2005
• This IP is an enclosed site with wide roads,
security gate, 4 parking spaces per
warehouse, plus parking for visitors and
green areas. It has 39 industrial premises
with areas from 300 sqm, (200 sqm of ground
floor and 100 sqm of mezzanine).
• It was a commercial success and was
delivered in May 2005.
Example of Industrial Park: COSALADA I - MADRID
SIGNIFICANT PROJECTS
Spain
Madrid C/ Rosario Pino 14-16 8ª Planta
28020 Madrid, España
Tel.: +34 91 436 04 37
Fax: +34 91 564 8080
Poland
Varsovia Pl. Ireneusza Gugulskiego 1,
02-661 Warsaw, Poland
Tel: +48 22 523 6300
Fax: +48 22 629 2488
Mexico
México, DF Montes Urales Nº 470 piso 1.
Lomas de Chapultepec.
Delegación Miguel Hidalgo, México
D.F.
C.P. 11000
Tel: +52 52 027871
Fax: +52 55 402294
Brazil
Sao Paulo Rua Iguatemi, nº 448. 1o. andar -
Conj. 101
Itaim Bibi - São Paulo SP
CEP - 01451-010
Tel: +55 11 51717900
Fax: +55 11 51717908
Peru
Lima Calle German Schreiber N° 205
Piso 3
Urbanización Santa Ana Distrito San Isidro, Lima, Perú Tel +51 (1) 422 1845
CONTACT