The Spanish REIT Hispania Activos Inmobiliarios has successfully completed a capital increase of EUR231 million, which the company plans to use to execute its imminent investment pipeline.
As communicated to the Spanish Regulator CNMV last Friday, 3 June, a total of 25,456,285 shares were subscribed, during the first round of the rights issue. The outstanding 318,717 shares (1.24 per cent of the share capital increase) were placed in the second round of the rights issue. The total number of petitions made in this second round amounts to 228,683,705 shares, representing an oversubscription of 9.86x the shares offered in the capital increase.
A large amount of this capital increase is already committed in three new hotel investments, which the company expects to announce in the coming weeks.
The expected investment plan is primarily focused on hotels, even though it also includes some investments in the office segment. Hispania is still able to find attractive investment opportunities with the same returns achieved in its current portfolio, thanks to the company’s capacity to source acquisitions with high repositioning potential and its experience in the execution of complex transactions.
This capital increase allows Hispania to reinforce its financial capacity to continue growing its unique exposure to the vacational hotel segment and to complete its office portfolio, as well as to increase its market capitalisation to almost EUR1,500 million.