HISPANIA FORMALIZES THE FIRST PHASE OF THE AGREEMENT WITH BARCELÓ AND ACQUIRES 80.5% OF BAY, WHICH HOLDS ASSETS WITH A VALUE OF 215 MILLION This first phase includes the acquisition of 11 hotels, comprising 3,946 rooms Hispania has paid 123M for the acquisition of a 80.5% stake in Bay while Grupo Barceló holds 19.5% Madrid, October 19 th, 2015.- Hispania has executed, on a timely manner, the First Phase of the deal agreed with Grupo Barceló, by acquiring an 80.5% stake in Bay Hotels & Leisure, S.A. (BAY) for an initial acquisition price of 123 million euros. As of today, BAY already owns 11 vacation hotels (3,946 rooms), located in the Canary Islands, Balearic Islands, Huelva and Almería and a shopping centre located in Fuerteventura. Bay has subscribed the respective lease agreements for each hotel with Grupo Barceló. The last available appraisal of this portfolio, which amounted to 229 million euros, vs. an acquisition price of 207 million euros, reflects the appreciation experienced by this portfolio, thanks to the positive evolution of its operating results and to the repositioning capex implemented. Bay has subscribed with Grupo Barceló the Call and Put Options regarding the optional portfolio which includes 5 more hotels and a shopping centre, which conform the Second Phase. Execution of this Second Phase in expected to take place before year-end. Asset value for this optional portfolio amounts to 227.5 million euros. Additionally, Bay has closed the financing of its portfolio for 234 million euros, with a syndicate of banks. Out of the total 234 million euros, 64 million euros corresponding to a first tranche have already been drawn down. With the execution of this First Phase, Hispania starts its path along with Grupo Barceló and with the firm intention of continuing to grow in its resort hotel strategy, one of the main focus areas for Hispania. Apart from the 3,946 rooms that Hispania is incorporating through BAY, Hispania already has 1,918 more rooms in its portfolio and is the Socimi with a biggest exposure to the Spanish hotel industry, with a special emphasis on resort hotels- one of the best performing sectors in Spain.
NAME OF THE ASSET LOCATION NUMBER OF ROOMS/SQM Barceló Hamilton Es Castell (Menorca) 158 Barceló Teguise Beach Costa Teguise (Lanzarote) 305 Barceló Jandía Mar Pájara (Fuerteventura) 485 Barceló Jandía Playa Pájara (Fuerteventura) 634 Barceló Pueblo Menorca Sant Lluis (Menorca) 374 Barceló Pueblo Ibiza Sant Josep de sa Talaia (Ibiza) 346 Barceló Varadero Guía de Isora (Tenerife) 312 Barceló Isla Cristina Isla Cristina (Huelva) 341 Barceló Cala Viñas Calviá (Mallorca) 330 Barceló Cabo de Gata El Toyo (Almería) 229 Barceló Ponent Playa Cala Ferrera (Mallorca) 432 Centro Comercial El Castillo Antigua (Fuerteventura) 2.731 m 2
Barceló Teguise Beach Hotel Barceló Pueblo Ibiza
Barceló Jandía Mar About Hispania Hispania became listed on the Spanish Stock Exchange on the 14th of March of 2014 and as of today it has raised 861 million. Hispania s current portfolio includes 128,000sqm in offices, 684 dwellings and 9,031 hotel rooms. Hispania s goal is to capture investment opportunities in the Spanish Real Estate markets and creating a portfolio of high quality assets in the residential, hotel and offices sectors. Hispania is part of the EPRA Index, Ibex Small Cap Index, GPR Index and Euronext IEIF REIT Europe Index. In accordance with best corporate governance international practices, Hispania s Board of Directors, chaired by Rafael Miranda, has a majority of independent Board Members. Hispania is externally managed by Azora Gestión S.G.I.I.C., S.A., which has granted it total exclusivity for all of its investment deal flow in Spain, except for student housing. About Barceló Barceló Group is a family owned Company with more than 80 years of history, focusing on the tourism industry as a truly integrated hospitality player, active across the whole hotel value chain. Barceló Hotels & Resorts, the hotel division of the Group, represents one of the leader hotel operators in Spain, and is included within the 35 main global hospitality companies. Currently Barceló has more than 140 hotels and close to 38.000 keys throughout 17 countries in EMEA, the Caribbean and Latin America. 98% of the Group s portfolio is comprised of 4 and 5 star hotels; Bacerló focuses on the quality of the product and the high segment of the market, being one the main company s objective maximizing client s satisfaction.
The Group also has a travel agency division, with close to 700 branches in Spain and more than 100 additional travel agencies on a global basis. Barceló Viajes is since 2012 a vertically integrated group, present in all level of the hotel sales value chain, through its three tour operator brands: lacuartaisla, Quelónea and Jolidey. The company also owns its own airline, Evelop!, which offers regular flights from Europe to the Caribbean. The complementary nature of the hotel and travel divisions, together with the geographical diversification, the management of a balanced portfolio, an efficient risk control policy and a solid financial capacity, make the Barceló Group a stable and sound profile company. Currently the Barceló Group has more than 24,000 employees globally. In 2014, the Group recorded more than 2,000 million euros of revenues, with double digit growth rates both for the hotel and the travel agency divisions. Finally Barceló has announced the opening of hotels in Madrid, Barcelona and Tenerife within Spanish, and in Mexico, Algeria and Berlin on a global basis. About Azora Grupo Azora (hereinafter Azora ) is a leading Spanish independent asset manager, founded in 2004 and with over 2,500 million of assets under management. Azora manages Hispania through its subsidiary Azora Gestión S.G.I.I.C., S.A., a regulated asset management company under the supervision of the Spanish Stock Exchange regulator (CNMV). Azora s platform is one of the largest in Spain, with a team close to 300 professionals with extensive experience across the Real Estate value chain, including deal origination, structuring and investment, new developments and repositioning, asset and property management as well as disposal of individual assets or portfolios. Azora is specialized in four assets classes: residential (Azora manages the biggest portfolio under rent in Spain, with 12,391 dwellings), student housing (also managing the biggest portfolio in the country, with 8,530 beds) and the biggest hotel portfolio under rent in Spain, with 10,513 rooms. FOR FURTHER INFORMATION: Hispania s Press Room: Noemí Sánchez: noemi@irazustacomunicacion.com Nacho Miquel: nacho.miquel@irazustacomunicación.com +34 91 563 41 79 Hispania s Head of Investor Relations: Ana Roldán: anaroldan@azora.es +34 91 310 6370 Pilar Vico de Haro: pilarvicodeharo@azora.es +34 91 310 6370