• The Helios consortium has increased the offer from 8.10 euros per share to 8.30 euros, representing a total value of 199.9 million euros. 

• Castellana Properties' investment in the Spanish REIT has generated significant value for its shareholders, achieving dividends of nearly €40M.

Castellana Properties, a listed company specializing in the commercial real estate sector, has agreed to accept the improved offer of 8.30 euros per share from the Helios consortium, formed by Hines European Real Estate Partners and Grupo Lar, to sell its stake in Lar España for a total value of 199.9 million euros.

Thus, after analyzing different strategic alternatives, the company has agreed to sell its stake in Lar España with the certainty that this decision is the one that provides the most value to its shareholders. In addition, with the results obtained from this investment, the company will seek to boost its growth through new strategic growth opportunities.

In the words of Alfonso Brunet, CEO of Castellana Properties: “As experts in the retail sector and managers of a similar portfolio of assets, we identified the investment in Lar España as the most attractive opportunity at the time and aligned with our strategy of maximizing returns for our stakeholders. Thanks to our in-depth knowledge of the market, after these few years, we have made the strategic decision to sell our stake in the company and use the substantial proceeds to redeploy them to other more profitable and portfolio-enhancing opportunities. more profitable and portfolio-enhancing opportunities. This decision reflects Castellana’s disciplined approach to capital allocation and deal-making”

Since Castellana Properties entered the capital of Lar España in early 2022, and after increasing its stake to 28.8%, the investment has generated significant value for its shareholders, receiving dividends of close to €40M and a capital gain of €70M.

Brunet comments: “This investment is one of the best performing transactions in the Real Estate sector in Spain. This reaffirms our in-depth knowledge of the sector, highlighting the strength of our strategy and our ability to identify and capitalize on the best opportunities in the market. We remain committed to the constant search for new opportunities that not only align with our strategy, but also generate tangible value for both the company and our stakeholders.”