MHV expands portfolio with acquisition of Italian and Greek hotels

MHV Mediterranean Hospitality Venture has announced that its Board of Directors and shareholders have unanimously approved an agreement with Prodea Real Estate Investment Company (Prodea).

Hotel Bellevue Cortina d'Ampezzo

Under this agreement, Prodea, which already holds a significant number of shares in MHV, will contribute 75% of the units in "Fond Five Lakes – Real estate reserved closed-end Fund" (owner of "The Bellevue Hotel Cortina" in Italy) and 100% of the shares in Rinascita (owner of "Moxy Athens City") to MHV. In exchange, MHV will issue 58,743,000 new ordinary shares, each with a nominal value of €1.00, to Prodea.

The total value of these new shares, €58.7 mln, aligns with the independent valuations of the contributed assets. This acquisition is not expected to generate any goodwill, profit, or loss.

To facilitate this share issuance, MHV’s Board and shareholders also approved an increase in the Company’s authorised share capital from €120.4m to €250.0m. Other MHV shareholders have waived their pre-emption rights for these new shares.

This acquisition supports MHV’s business plan to expand its real estate and hospitality presence across Cyprus, Greece, and the wider Mediterranean region. It is expected to help MHV achieve its long-term goal of becoming a leading institutional owner of tourism-related assets in Southeast Europe.