Spanish REIT Hispania has completed a €337 mln capital increase after having invested all the proceeds from its Initial Public Offering carried out in March 2014.
Spanish REIT Hispania has completed a €337 mln capital increase after having invested all the proceeds from its Initial Public Offering carried out in March 2014.
In a statement to the Spanish stock market regulator, Hispania said the capital increase was carried out by means of an accelerated private placement which closed in three hours due to strong investor demand.
Investors placed orders for shares amounting to over €844 mln at the offer price of €12.25 per share, meaning the offer was 2.5 times oversubscribed.
The offer price represents a 4.7% discount to Hispania's closing price of €12.86 per share on Monday.
'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 €2.4 bn. For this reason, it is vital to have available equity in order to take advantage of market opportunities,' said Concha Osácar, board member of Hispania.
The new shares represent 33% of the company's share capital after the capital increase.
Hispania is the first of the so-called Spanish SOCIMIs 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 €880 mln.
The company went public in March last year raising a total of €887 mln. It is externally managed by asset manager Azora and was launched with the aim of capturing opportunities in the rebounding Spanish real estate market.
