Property investment firm, Millenium, has received the green light from Spain’s National Securities Market Commission (CNMV) to carry out an IPO on Madrid’s Alternative Stock Exchange (MAB) at the beginning of summer with an approximate market capitalisation of €500 million.
Grupo Millenium was founded by Javier Illán Plaza with a Core+ / Value Add profile and has purchased a portfolio of retail, office and hotel properties where significant value creation was possible through re-positioning and active management.
As published by El Confidencial, Millenium Hotels currently has a portfolio of eight assets, including the 4 star Via Castellana Hotel in Madrid’s Plaza de Castilla, the old El Corte Inglés on Seville’s Plaza de la Magdalena and Santander Bank’s former offices on Bilbao’s Gran Vía high street – the latter two will be transformed into a luxury hotels.
According to the same source, the group plans to exclude their 5 star Hotel Hesperia on Paseo de la Castellana nº 57 and their 3 star Hotel Tryp on Calle José Abascal nº8 from the REIT’s portfolio.
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