Carlos Pérez-Baz

Mutualidad de la Abogacía acquires shares in Millenium

Mutualidad de la Abogacía, a non-profit insurance company, has announced its entry into the share capital of Millenium Hospitality Real Estate Socimi, by subscribing 5.046% of the company.

Mutualidad de la Abogacía is a not-for-profit entity founded in 1948 that offers legal professionals and their families tailor-made solutions through savings, retirement and protection plans to cover all their pension and investment needs.

Millenium Hospitality Real Estate Socimi is a real estate vehicle specialising in the development and investment in hotels of differentiated quality in excellent locations, which offers the possibility of participating in the constant growth of the tourism market in Spain and Portugal, especially in the high quality segment.

Through this operation, the insurance company has acquired 5,855,055 shares for a value of 23,420,220 euros. It currently has a total of 45 properties in its portfolio, with a total surface area of 219,460.79 m2 and a market value of more than 848 million euros.

“We know Millenium and we share with them the mission of adding value to the properties, creating reference spaces for all the people who live in them. Through this transaction, we continue to expand our real estate portfolio by participating in a consolidated vehicle, in line with our investment strategy and the diversification that characterises real estate,” said Carlos Pérez-Baz (pictured), Director of Real Estate Investments at Mutualidad de la Abogacía.

Irina Wakstein