Diversified | Hispania

Hispania Activos Inmobiliarios (Hispania) was created in 2014 and until the first quarter of 2019 was listed on the Spanish continuous market.

During Azora's management of Hispania, the company focused its investments on the hotel, office and residential segment.

It was created as a company with an investment period that ended in December 2017 and with a maximum divestment period until March 2020. However, it was disposed of in July 2018, following a public tender offer by Blackstone. The Azora Group continued to manage Hispania until February 2019.

At the time of its sale, Hispania was the largest owner of hotel rooms in Spain. As of December 2018, it had more than 13,100 rooms distributed in 46 hotels, with a special focus on the leisure segment.

Most of the hotels were managed by renowned operators under long-term lease contracts.

In the office segment, at the end of 2018, Hispania had a portfolio of more than 156,000 sqm of gross leasable area, distributed in 25 buildings in Madrid and Barcelona. Additionally, at the time of sale it was in the final stages of construction of a 33,000 sqm greenfield office development, distributed in two buildings in Madrid and with a LEED Platinum certification.

Hispania also had a portfolio of residential for rent assets, made up of 5 buildings (4 in Madrid and 1 in Barcelona) which, at the end of 2018, included more than 550 homes.

As of December 2018, Hispania had an asset value of €2,900 million, distributed between hotels (69%), offices (23%) and residential (8%).

Assets Features:

4 and 5 star category hotels.
Holiday hotels on the beachfront..
Office buildings in centralized business areas of Madrid and Barcelona.
Completely renovated office buildings.
Brand new or completely renovated homes. .
Residential buildings equipped with services and equipment: swimming pool, gym, paddle tennis court, children's area ... li>

Hispania was acquired by Blackstone through a public tender offer for approximately €2,000M (equity value), which resulted in a net IRR for shareholders of 19%. The tender offer was completed in July 2018 and Azora concluded its management mandate for Hispania on February 28th, 2019, after agreeing to transition the vehicle with Blackstone.

Hispania is present in 6 regions and 13 Spanish provinces.

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