Spanish listed property firm Hispania has raised nearly €231 mln in a capital increase to fund new acquisitions.
The Madrid-based firm has placed 25.7 million shares with preemptive rights for existing shareholders and said that the placing was nearly 10 times oversubscribed.
Hispania said last month that it had '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 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. Soros Fund Management is the company's largest shareholder with a 17% stake.
