Lar España: No surprises in 2Q17 results.

2Q17 results were in line with our estimates for the full year. Occupancy rates improving by 50bp to 94.3% in 4Q16 (94.3% retail, 89.5% offices and 100% Logistics). Lar Españas’s retail assets continue to show strong fundamentals with footfall and sales increasing by 3.0% and 3.3% YTD, respectively. The company reported a GAV of €1,448Mn at June 2016, implying an increase of 13.6% during the year (+4.5% LfL). According to our estimates for 2017, the implicit gross running yield would be 5.5% in...