HLRE Socimi announces that its majority shareholder has sold a minority portion of its indirect stake in HLRE Socimi through the secondary sale of part of its shares in PropCo 37. As a result of this transaction, StepStone Real Estate, the real estate division of the global private markets investment firm StepStone Group, becomes an indirect investor in HLRE Socimi, with an indirect stake of 14.4%.
Following this transaction, HLRE Socimi’s base of significant shareholders remains unchanged, and there will be no changes to the company’s control, corporate governance, or strategy.
StepStone Real Estate will make its investment through StepStone Real Estate Partners V (SREP V), the largest real estate secondary fund to date, with more than $5 billion in commitments, including affiliated discretionary co-investment vehicles.
According to Vanessa Gelado, Chairwoman of HLRE Socimi, “this transaction is in line with standard secondary and co-investment market practices and does not entail any change to HLRE Socimi’s investment policy, management team, or strategy. The company remains focused on the active management of dominant shopping centres and retail parks, with a long-term approach aimed at generating sustainable value for investors, operators, and local communities.”
Laia Massague, Partner at StepStone Real Estate, commented: “We are delighted to participate in this transaction alongside the existing investors and to support the company in the execution of its business plan. This investment represents a continuation of StepStone’s focus on investing in high-quality real estate opportunities in Spain, where the firm is expanding across multiple strategies, including secondaries, recapitalisations, co-investments, and the deployment of primary capital into Spanish funds.”
A structure aligned with the long-term strategy
HLRE Socimi’s current shareholder structure is the result of the takeover bid launched in 2024, which enabled the consolidation of the company’s capital alongside its Spanish operating partner. As part of this process, the squeeze-out of the remaining shares of Lar España Real Estate SOCIMI, S.A. was successfully completed in February 2025, followed by a reverse merger between Lar España and its parent company.
This resulted in a more streamlined corporate structure, aligned with the project’s long-term strategy, as well as the new identity under the HLRE Socimi brand.
About HLRE Socimi
HLRE Socimi is a listed company on BME Scaleup specialising in the management of high-quality shopping centres and retail parks in Spain. It is backed by Hines European Real Estate Partners III and Grupo Lar.
The company currently manages a portfolio of nine assets (seven shopping centres and two retail parks) with a total gross lettable area of more than 420,000 sqm, an average occupancy rate of 97.5%, and nearly 60 million annual visits, generating sales in excess of €1 billion.
With an active, hands-on management model, HLRE Socimi promotes resilient, innovative, and sustainable retail, capable of creating economic, social, and environmental value in the regions where it operates.
About StepStone Group
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on delivering customised investment solutions and advisory and data services to its clients. As of 30 September 2025, StepStone was responsible for approximately $771 billion of total capital, including $209 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds, and insurance companies, as well as leading endowments, foundations, family offices, and private wealth clients, including high-net-worth and mass affluent individuals. StepStone works with its clients to develop and build private markets portfolios designed to meet their specific objectives across the asset classes of private equity, infrastructure, private debt, and real estate.
For more information, please visit StepStone Group.
About HEREP
Hines European Real Estate Partners (HEREP) is a series of closed-end discretionary funds focused on high-conviction thematic investments in prime European markets. HEREP III, the latest fund in the series, closed in November 2023 with more than €1.6 billion in capital. Total capital commitments across the series currently exceed €3.4 billion, including €1.8 billion from its two predecessor funds
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