We believe that the revised bid of €8.30 per share for Lar España Real Estate, from a consortium that includes its manager Grupo Lar and US private equity firm Hines, still undervalues the company and its future prospects. The enterprise value implied by the bid price of €1,130m is a considerable discount to the value of the portfolio of €1,304m (at 30 June 2024) and a substantial spread to the portfolio yield (7.8% to 6.6%) and the prime market yields in the wider Spanish retail sector. The ....