Lar Espana: Shares soar on reports Vukile eyes takeover bid

HELIOS RE SOCIMI

09/09/2019 10:07

** Shares of Spanish real estate company Lar Espana
 LRES.MC  trade up 12.5% after two Spanish newspapers said on
Monday that South African fund Vukile Property  VKEJ.J  is
eyeing a possible takeover bid  urn:newsml:reuters.com:*:nL5N2600LV
    ** Any bid would be launched by Vukile's Spanish unit
Castellana Properties  YCPS.MC , Expansion and El Confidencial
said
    ** Vukile eyes Lar Espana as a means to expand its real
estate portfolio in Spain, which already includes Castellana
Properties, El Confidencial said, citing sources close to
Castellana Properties
    ** Neither Castellana Properties nor Lar Espana were
immediate available for comment
    ** Analysts at CM Capital Markets say that Lar Espana is
undervalued on the stock exchange, with a market value of around
615 mln euros ($678 mln), a discount of 36% compared to its Net
Asset Value
    ** Shares in Lar Espana are set for their best day since the
company's market listing in 2014
        


($1 = 0.9066 euros)

 ((Katarzyna.Zajaczkowska@tr.com))