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23 April 2018 – Eje Prime
Elaia Investment Spain is growing through purchases. The Socimi has acquired a hotel in Mallorca for a total value of €5.7 million, according to a statement filed by the group with the Alternative Investment Market. The asset acquired is Hotel Valparaiso, an establishment spanning 2,400 m2 on a plot measuring 4,400 m2, located on the seafront in Cala Murada, Manacor (Mallorca).
This represents Elaia Investment Spain’s sixth asset in the Balearic Islands. The hotel is located on the east of the island, on a cliff top, 17km from the underground lake in the Drach Caves and 3.5 nautical miles from Portocolom.
Elaia is a Socimi focusing primarily on the tourist accommodation sector (87% of its assets), whilst the rest of its portfolio comprises residential assets. Following this acquisition, the Socimi now owns 15 assets in total: two residential buildings in Madrid, seven tourist apartment complexes, five hotels and one project under development.
Batipart is currently the majority shareholder of Elaia, in which it holds a 66% stake. The other shares are distributed between 22 shareholders including Euler Hermès Reinsurance (13.81%), Allianz Invest Pierre (9.21%), managed by Immovalor Gestion, and other individual and corporate shareholders with minority stakes.
Original story: Eje Prime
Translation: Carmel Drake