Hispania’s board of directors has convened an extraordinary shareholder meeting for the 17th of September, in order to vote on a change in the Spanish REIT’s strategy, following Blackstone’s takeover of over 90% of the capital.
Two months ago, Blackstone indicated that it intends to hold, for periods of 3 to 7 years, the ownership of most of the fund’s hotels instead of selling them before March 2020, as had been planned by Azora.
The shareholder meeting will also include a vote on the ratification of the appointments as directors of Abhishek Agarwal, Claudio Boada Pallerés and Farhad Mawji Karim, as well as María Segimón de Manzanos as independent director.
Furthermore, the termination of the management contract with Azora will be submitted to vote following last week’s termination of the contractual relationship in exchange of a €224 million compensation by Blackstone.
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Good move by Blackstone.
Interesting developments in the Spanish real estate market…we’ll see how the rest of 2018 plays out!