Lar España Real Estate has passed probably the most severe stress test in recent history in the form of the pandemic. 2022 results show that the value of its Spanish shopping centre and retail park portfolio has rebounded (seemingly undeterred by rising interest rates in the second half of the year). Sales at its assets broke through the €1bn mark for the first time and are well ahead of pre-pandemic levels. The good operational performance can be put down to the quality of the portfolio and dominant nature of the assets in their region, the manager says. Online retailing is having less of an impact in Spain, but nevertheless the company’s portfolio is geared up for an omnichannel retail future, the manager adds, with several initiatives to optimise footfall and sales. The group’s debt is at a fixed rate of 1.8%, having been refinanced in 2021, with a maturity of almost five years. Its share price is trading on a discount around 50% and the yield is over 11%.