Shearman & Sterling advised Goldman Sachs International and UBS Limited as joint global coordinators and joint bookrunners in connection with a €337 million capital increase by Hispania Activos Inmobilarios, S.A. (“Hispania”). The new shares represent 50% of Hispania's share capital before the offering.
Hispania is listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges. It benefits from the Spanish SOCIMI regime through its wholly-owned subsidiary Hispania Real SOCIMI and is externally managed by Azora, an independent asset manager with over €2.5 billion of assets under management. Hispania manages a high-quality real estate portfolio in Spain, consisting primarily of residential properties, offices and hotels. In April 2015, Hispania entered into an investment management agreement with the Barceló Group, a leading Spanish hospitality operator, to jointly acquire a portfolio of 16 resort hotels and two small shopping centers, mostly located in the Canary Islands, with the objective of creating the first pure vacation hotel SOCIMI in Europe. The implied value of the consolidated portfolio post-acquisition is estimated to be approximately €943 million.
The Shearman & Sterling team below included counsel Sharon Lippett; associates Andy Zwecker, Gabriel Ng, Mike Daly and Catherine Sum; and legal assistant Francesca Minoretti.