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Millenium plans to attract €250M to enter the continuous market
25 November 2019 | Vanessa Sousa

Following through with its goal of reaching the Spanish Continuous Market between 2021 and 2022, Millenium Hotels plans a 250 million euro capital increase, using its 1.000 million euro portfolio.

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The process to attract investment should start at the beginning of next year and the company expects to launch 50 million new shares at 5 euro each on the market to reach it, according to a release it sent to Mercado Alternativo Bursátil, which replaced the one from the 14th of November, which stated the capital increase should reach 400 million euro.

Millenium Hotels next step towards reaching the continuous market will be the acquisition of two buildings in Andalusia, revealed newspaper Cinco Días last week. The purchase should be concluded within the next few weeks.  

It was with this goal in mind that the REIT carried out its latest purchases, such as the future Marriot’s Hotel W and the Melia Bilbao. These two assets alone, represented a total 131 million euro investment. Once these operations are concluded, the value of the two buildings should rise to 500 million euro.

This is not the first operation of this type carried out by Millenium. Last June, the REIT concluded an operation with which it received 250 million euro from 450 investors.