Presentación de PowerPoint - Grupo LAR · 4. Business Areas Grupo Lar’s resilience though diversification Trusted Manager Solid Management Pillars Offices Residential Shopping

Corporate Presentation. 31_12_2018 www.grupolar.com

Corporate Presentation

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


1. Company Snapshot

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


2. Strategy based on competitive advantages

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)


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.


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


3. Grupo Lar by Country

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


Nº of Dwellings

Managed Assets

(Millions of Euros)

Owned Assets


• 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


UNITS

SOLD

UNITS

DELIVERED


Residential

Shopping

Centres

Offices

Logistics

Land for

sale

Finished

Product

Inventory in


Nº of Dwellings

Managed Assets

(Millions of Euros)

Owned Assets


• Executive Member of

Grupo Lar.

• Graduated from the

Complutense


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.


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


UNITS

SOLD

UNITS

DELIVERED


Residential

Shopping

Centres

Offices

Logistics

Land for

sale

Finished

Product

Inventory in


Nº of Dwellings

Managed Assets

(Millions of Euros)

Owned Assets


• 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.


Complutense


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.


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


UNITS

SOLD

UNITS

DELIVERED


Residential

Shopping

Centres

Offices

Logistics

Land for

sale

Finished

Product

Inventory in


Nº of Dwellings

Managed Assets

(Millions of Euros)

Owned Assets


• 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.


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).


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


UNITS

SOLD

UNITS

DELIVERED


Residential

Shopping

Centres

Offices

Logistics

Land for

sale

Finished

Product

Inventory in


Nº of Dwellings

Managed Assets

(Millions of Euros)

Owned Assets


• 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.



4. Business Areas

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

http://www2.goldmansachs.com/

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.


5. Appendices

• 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

http://www2.goldmansachs.com/

• 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


• 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


• 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


• 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.


• 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


• 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


• 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


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

Documents

Presentación de PowerPoint - Grupo LAR · 4. Business Areas Grupo Lar’s resilience though diversification Trusted Manager Solid Management Pillars Offices Residential Shopping