PIMCO puts €50m into Spain’s first real estate investment trust
PIMCO has backed Spain’s first ever real estate investment trust (REIT) by investing €50m into Lar España.
The fund manager, which recently developed its European real estate arm, acted as an anchor investor for what is Spain’s first SOCIMI (Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario), the country’s equivalent to a REIT.
Lar España, which launched with a total offer size of €400m, said it would concentrate investment activity on Spain’s office and retail sectors.
Grupo Lar, which will manage Lar España, has invested €10m in the new company, which has been listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges.
This week, several investors – including PG and Cohen & Steers – backed Hispania Activos Inmobiliarios as it looks to raise €500m from its listing.
Paulson and Co, Quantum Strategic Partners, the Canepa Group and Moore Capital Management will also back the listing, with €314m so far committed by the initial pool.