Spanish listed property firm Hispania has announced plans to raise €231 mln in a capital increase to fund new acquisitions.
The Madrid-based firm said it has 'exhausted almost all of its investment capacity' and the operation will allow it to fund an investment pipeline which is currently worth €1.5 bn.
Hispania will issue a total of 25.8 million new ordinary shares with preemptive rights for all shareholders of Hispania.
Hispania reported €30 mln of rental income in the first quarter of 2016, a six-fold increase on the same period a year earlier. Net profit amounted to €11 mln.
'The vacational hotel segment is still offering very good opportunities and Hispania is strategically positioned to take advantage from them, and consolidate as the first hotel owner non-operator in the Spanish hotel market,' said board member Concha Osácar.
Hispania listed on the Spanish Stock Exchange in March 2014 and as of today it has raised €861 mln.
