Davis Polk advised Lar España Real Estate SOCIMI, S.A. (Lar España) as to U.S. and English law in connection with its offering of 29,913,479 new ordinary shares pursuant to a public rights offering in Spain and private placements to institutional investors outside Spain, including in the United States. The offering raised gross proceeds of approximately €147 million. Lar España intends to use the net proceeds of the offering primarily to expand its portfolio of properties.
Lar España is a Spanish limited liability company that trades on the Spanish Stock Markets. Lar España’s objective is to invest in the Spanish real estate sector, particularly in commercial property (offices and retail). Grupo Lar Inversiones Inmobiliarias, S.A., an experienced active asset manager with approximately €3.3 billion of assets under management, acts as the investment manager of Lar España.
The Davis Polk corporate team included partners Michael J. Willisch and Simon Witty and associates Ester del Valle Izquierdo and Nick Gilling. Partner John D. Paton, counsel Alon Gurfinkel and associate Nicholas A. Machen provided tax advice. Associate Charles Shi provided executive compensation advice. Associate Colleen Blanco provided 1940 Act advice. Members of the Davis Polk team are based in the Madrid, London and New York offices.