Brief: Lar Espana Reports Transactions Between Lar España And Its Wholly-Owned Units And Gentalia, Significant Shareholder Of Lar Espana

HELIOS RE SOCIMI

01/07/2022 17:10

July 1 (Reuters) - Lar Espana Real Estate SOCIMI SA  LRES.MC :
    * REPORTS FOLLOWING RELATED PARTY TRANSACTIONS ENTERED INTO BETWEEN LAR ESPANA AND ITS
WHOLLY-OWNED SUBSIDIARIES AND GENTALIA, SIGNIFICANT SHAREHOLDER OF LAR ESPANA HOLDING MORE THAN
10% SHARE CAPITAL AND WITH BOARD REPRESENTATION
    * IT IS CONSIDERED THAT AGGREGATE VALUE OF TRANSACTIONS ENTERED INTO WITH SAME COUNTERPARTY
IN
LAST TWELVE MONTHS HAS EXCEEDED 2.5% OF AMOUNT OF ANNUAL TURNOVER
    * RENEWAL OF FRAMEWORK AGREEMENTS WITH GENTALIA FOR THREE YEARS, FROM JULY 1, 2022 TO JUNE
30,
2025
    * ESTIMATION OF TOTAL AMOUNT OF CONSIDERATION TO BE PAID FOR BOTH AGREEMENTS IN FRAMEWORK OF
TRANSACTION WOULD BE ABOUT 12.6 MILLION EUROS
    * ABOUT 5.8 MILLION EUROS CORRESPOND TO ON SITE MANAGEMENT FEES THAT ARE MOSTLY PASSED ON TO
TENANTS, NOT ENTAILING A COST FOR CO, AND FORMALIZED TODAY
    * TEMPORARY RENEWAL, FOR THREE MONTHS, OF PROPERTY MANAGEMENT AND LEASING FRAMEWORK
AGREEMENT
BETWEEN GENTALIA AND LAR ESPANA AND ITS SUBSIDIARIES, FOR TOTAL AMOUNT OF ABOUT 731,160 EUROS
    * ON-SITE MANAGEMENT AGREEMENT BETWEEN GENTALIA AND ABADIA COMMUNITY OF OWNERS, FOR 1 YEAR
AND AN
APPROXIMATE TOTAL AMOUNT OF 163,600 EUROS
    * THESE FEES ARE ALSO MOSTLY PASSED ON TO TENANTS, NOT ENTAILING A COST FOR THE CO

Source text for Eikon:  ID:nCNM5q6JMg 
Further company coverage:  LRES.MC 

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