Mutualidad de la Abogacía enters as a shareholder by owning 5% of the company for a value of 23 million euros
MADRID, 27 May. (EUROPA PRESS) –
Millenium Hospitality has “successfully” closed its capital increase after reaching a total figure of 245.7 million euros, as reported by the Socimi to BME Growth.
The capital increase will allow Millenium to continue with its growth plan, based on the acquisition of ‘prime’ assets in the best tourist destinations to be exploited as hotels in the luxury segment.
The company’s objective is to have a GAV (Gross Asset Value) portfolio of close to 1,000 million euros in the short term, for which the company has an investment pipeline of approximately 600 million euros, some of which are in an advanced negotiation process.
The operation has concluded after executing the second and last tranche of the extension approved in 2021, for an effective amount of 156.43 million euros in addition to the approximately 89.3 million disbursed in the first tranche.
Between both tranches, the US investment fund Castlelake has disbursed 180 million euros, the maximum it had committed, redoubling its commitment to the company and reinforcing its position as the company’s main shareholder, up to 49.72% of the share capital of the Socimi.
The president of Millenium Hospitality, Javier Illán, has highlighted that the “strong” support received is a clear indicator of the interest and attractiveness of the Millenium project and strategy, and represents strong support for the company’s management and the work carried out to date. the date.
For this operation, Millenium has tapped Banco Santander and Société Générale as global coordinators
Mutualidad de la Abogacía has announced its entry into the capital of Millenium through the subscription of 5.046% of the company through a capital increase. Specifically, the insurance company has acquired 5,855,055 shares for a value of 23,420,220 euros.
The Director of Real Estate Investments at Mutualidad de la Abogacía, Carlos Pérez-Baz, stated, upon announcing the new participation, that they continue to expand their real estate portfolio by participating in a “consolidated” vehicle, in line with their investment strategy and the diversification that characterizes the field of real estate.
At the beginning of this year, the insurer sold the office building located at Calle Alcalá 26 to Millenium for 36.7 million euros, which provided the Mutualidad with a capital gain over net book value of 14.9 million euros.