Successful capital increase for Grivalia Hospitality


Athens-listed Grivalia Properties Real Estate Investment Company announced Friday its Grivalia Hospitality unit has successfully raised 60 million euros from Grivalia Properties and Eurolife ERG Life Insurance Company SA.

This has taken the company’s share capital to 120 million euros, divided into 120 million shares of one euro each. A quarter of that is owned by Grivalia Properties, 25 percent by Eurolife and 50 percent by a fund managed by Luxembourg-based M&G Investments.

“We look to grow this company through selective acquisitions mainly in Greece, with a clear vision to maximize value for our shareholders,” said George Chryssikos, chief executive officer at Grivalia Properties and chairman of Grivalia Hospitality.[Reuters]