Hispania Activos Inmobiliario has successfully closed a EUR337 million capital increase by means of an accelerated private placement to institutional investors.
Overall demand surpassed EUR844 million at the offering Price of EUR12.25 per share, which equated to a 4.7 per discount verses the closing price on the day of the capital raising of EUR12.86 per share.
New shares represented 50 pert cent of the company’s share capital before the capital increase and 33 per cent afterwards.
“The excellent reception of investors to our capital increase shows how the market trusts Hispania and its capacity to generate more value within its asset portfolio. As of today, Hispania is analysing a pipeline of opportunities with a value amounting to EUR2,400 million. For this reason, it is vital to have available equity in order to take advantage of market opportunities”, says Hispania’s Concha Osácar.
Hispania is the first of the so-called SOCIMIs in the Spanish market to have completed the investment of almost all of the equity raised in its IPO, as well as its leveraging capacity, reaching a total committed investment of circa EUR880 million euros, with an asset portfolio made up of 46 assets (including the assets that BAY is to acquire by virtue of the Investment Agreement signed with Grupo Barceló). It is expected that, after the acquisition of the assets by BAY and once the repositioning capex has been implemented in the current portfolio and in the assets to be acquired by BAY, 57% of the value of the assets in the portfolio will come from hotel assets, 27 per cent from office assets and the remaining 16% from residential assets. These figures include the capex implementation expected for 2015.
Hispania foresees relevant investments for the improvement and repositioning of the assets which are currently part of the portfolio, including BAY, amounting to circa EUR50 million in 2015 – on a consolidated basis.