The transaction has been structured as a capital increase with recognition of the preferential subscription right.
ATOM Hoteles SOCIMI, S.A., the Spanish REIT managed by GMA, keeps on achieving its objectives, taking advantage of current market opportunities, with the goal of further increasing the value of its portfolio and profitability to its shareholders.
ATOM Hoteles has announced its intention to increase capital by an amount of nearly 80 million euros, following the agreement reached by its Board of Directors. To this end, 7.5 million worth of new shares will be issued at the of price 10.70 euros (1 euro nominal value and 9.70 euros issue premium).
The transaction has been structured as a capital increase with recognition of the preferential subscription right. Therefore, shareholders will be able to exercise their preferential subscription right to avoid dilution of their shareholding in the company. As indicated in the information brochure approved today by the CNMV. Ten preferential
subscription rights and 32.10 euros will be required to receive three new shares.
GMA, the founding partner and manager of the investment, initiated the capital expansion in order to pursue the growth strategy by purchasing new assets. The purpose of the extension is mainly the acquisition of two hotels. The first, located in La Milla de Oro de la Costa de Adeje in the south of Tenerife, and the other on the beachfront of Mogan. The latter representing a new location where ATOM Hoteles had not yet invested in, therefore entering the Gran Canaria market, covering the entire archipelago. These two purchases will be carried out with the strategic objective of further increasing the positioning of the portfolio in the holiday sector.They are described as follows:
- Labranda Isla Bonita, 4-star, 439 rooms, of which Atom will acquire 386.
- Labranda Riviera Marina, 4 stars and 125 rooms.
Both assets will be fully reformed in accordance with the agreement reached between ATOM and FTI Group. Consequently, ATOM Hoteles is incorporating a new renowned partner to its portfolio. The German Group FTI Group is the fourth largest tour operator in Europe, having more than 10,000 partner travel agencies in Germany, employing more than 10,000 people worldwide and billing more than 3.6 billion euros. So far this year, ATOM hoteles has analyzed more than 350 operations, and possesses a pipeline potential worth 500 million.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
