Hines European Real Estate Partners III and Grupo Lar have finalized a financing agreement with two leading global financial institutions for €810 million to refinance Lar España’s portfolio of shopping centers and retail parks. The transaction was executed through Helios RE Socimi, the consortium through which both partners launched the takeover bid for Lar España in 2024.
This refinancing forms part of the restructuring process initiated following the takeover bid. After the completion of the squeeze-out in February 2025, this reorganization will culminate in a reverse merger approved by the Board of Directors in May, whereby Lar España will absorb its parent company Helios and will operate under the corporate name Helios RE Socimi.
The financing was secured by Morgan Stanley and Santander, the same banks that supported Helios during the takeover bid, reflecting creditors’ confidence in the long-term project led by Hines and Grupo Lar. The terms of the agreement align with Lar España’s creditworthiness and prestige profile and are backed by the company’s portfolio of 12 shopping centers and retail parks.
“This milestone marks the beginning of a new phase for Lar España. We move beyond bridge financing to implement a financial structure designed to support our business plan and respond swiftly to market opportunities. I thank the financial institutions that have placed their trust in us and our team’s diligent work to get here,” said Vanessa Gelado, Board Member of Lar España and future Chairwoman of Helios RE Socimi.
Meanwhile, Maribel Plaza, Board Member and Corporate CFO of Grupo Lar, highlighted, “We have secured terms that not only recognize our track record but also position us with a robust structure to continue creating long-term value for our shareholders, operators, and customers.”
With this transaction, the company reaffirms its leadership role in the Spanish retail real estate market and its commitment to close, specialized, and sustainable management.
The operation was advised by A&O Shearman and Freshfields.
About Lar España RE Socimi
Lar España RE Socimi is a company specialized in shopping centers and retail parks. It is the market leader in Spain in this segment, with assets valued at over €1.3 billion and nearly 500,000 square meters under operation.
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