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Millenium Hotels plans to increase its capital in up to €400M
13 November 2019 | Vanessa Sousa

REIT Millenium Hotels announced it plans to increase its capital on up to 400 million euro. This operation will be discussed during the REIT’s next extraordinary shareholders meeting.

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This information is included in the report made available by the Mercado Alternativo Bursátil (MAB) this Monday, where it can also be read that each share will be priced at 5 euro.

According to the Millenium’s board decision, part of this capital – up to 150 million euro – should be subscribed under the preference share rights, whereas the remaining amount will not be subject to it.

The capital resulting from this operation will be destined to new acquisitions which should take place in the coming 18 months, mentioned newspaper Expansión in its print edition.

This process comes at a time when the REIT has just concluded its latest acquisition in the Spanish market: Hotel Melia Bilbao for 49.3 million euro. Its current capitalisation is around 252.5 million euro, according to data available at MAB.