The Socimi was devised to have a period of three years of investment, which will end this financial year. However, the management have asked shareholders if they can prolong the investment period of the vehicle, concentrating on buying hotels, compared to its initial strategy of buying all kinds of profitable assets
Thus, the Socimi, which has 25 office buildings with a total surface area of more than 153,000 m², has decided to explore the sale of its portfolio of offices in Barcelona. There are five buildings with a gross lettable area of some 39,000 m² and an average occupancy rate of 93% (30/11/2016). Amongst these can be highlighted the Edificio Cristal, with an area of 11,088 m², leased to ACS and Xerox, as well as the Les Gloriès complex, with three buildings, two 100% occupied and a third at more than 90%.
The company has made assurances that, for its next investments, it will concentrate on hotel assets. At present, Hispania has 37 establishments with 10,407 bedrooms, making it the biggest property of the operator in Spain.
The object of the company is to continue to invest in properties on the coast for complete remodelling. This strategy was in play, for example, in one of its most recent transactions: the purchase of four hotels in the Canaries for 92 million euros.