28 April 2015 – Hispania Press Release
Hispania has completed the investment of the funds raised in its IPO in March 2014, including its leveraging capacity.
Investors placed orders for shares amounting to more than €844 million at the offer price of €12.25 per share, which implied an excess over demand of 2.5 times vs. the number of shares offered.
Hispania Activos Inmobiliarios, S.A. has successfully closed the €337 million capital increase it announced yesterday, which was aimed at institutional investors. The capital increase was carried out by means of an accelerated private placement and the strong demand allowed the Socimi to close the deal in just 3 hours.
Total demand surpassed €844 million at the offer price of €12.25 per share, which represents a 4.7% discount vs. yesterday’s closing price of €12.86 per share.
The new shares represent 50% of the company’s share capital before the capital increase and 33% of its share capital after the capital increase.
“The excellent response from investors to our capital increase shows how much the market trusts Hispania and its capacity to generate more value within its asset portfolio. Hispania is currently analysing a pipeline of opportunities worth around €2,400 million. For this reason, it is vital that we have equity available so as to be able to take advantage of the opportunities in the market”, said Concha Osácar (pictured above), Board Member of Hispania.
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 through its IPO, as well as its leveraging capacity, reaching a total committed investment of c.€880 million. Its asset portfolio comprises 46 assets (including the assets that Bay will acquire by virtue of the Investment Agreement signed with the Grupo Barceló). It is expected that, after the acquisition of the assets by Bay and once the repositioning capex has been invested in the current portfolio and in the assets to be acquired by Bay, 57% of the value of the assets in the portfolio will correspond to hotel assets, 27% to office assets and the remaining 16% to residential assets. These figures include the capex investment expected for 2015.
Hispania foresees significant investments to improve and reposition the assets that currently form part of the portfolio, including Bay, amounting to c.€50 million in 2015- on a consolidated basis.
Original press release: Hispania
Edited by: Carmel Drake