Hispania Activos Inmobiliarios SOCIMI : ANNOUNCEMENT OF H1 2017 RESULTS

• EPRA NAV per share increased by 10% with respects to year end 2016, up to €15.12/share.
• GAV, according to CBRE's valuation, reached 2,339 million euro, having registered a revaluation of 214 million euro.
• Last twelve months returns considering NAV growth and distributed dividends reached 27%

€1.48/share. These results translate in a Net Asset Value according to EPRA of €15.12/share, which together with the 34 million euro distributed dividends, represents a total return for Hispania's shareholder during the last twelve months of 27%.

With 39 hotels and a total of more than 11,200 keys, Hispania has become the largest hotel owner in Spain. Additionally, Hispania owns 25 office buildings with a total surface of 153,000sqm and a land plot where two additional buildings will be built with a total surface of 33,000sqm with the highest market quality under a LEED platinum certificate. Lastly the company owns 5 residential buildings with close to 730 flats.

Hispania has continued to benefit from the positive tourism evolution in Spain during the first months of 2017, where the number of tourists has grown by 11%, most of which have come to our country looking for the sun and beach. Average occupancy of Hispania's hotels during the first half has reached 83% and total RevPAR has increased by 10% against the same period of 2016, resulting in an increase of net rents life-for-like of the hotel portfolio of 9%.

The company has also obtained important improvements in the rest of its assets, reaching a proforma occupancy for the office portfolio during the period of 85% after the last leases signed, and an increase in renewal rents of 16%. In relation to the residential portfolio, occupancy of the units for lease has reached 95% and average rent grew by 7.7% during the period.

Other relevant aspect of the results has been the high revaluation obtained by Hispania's assets according to third party valuators, reaching 10% more value during the first half of 2017, which results in a revaluation of 20% for the last twelve months. This important revaluation shows the quality of the portfolio, the attractive acquisition prices and the impact of the repositioning and refurbishments which Hispania is carrying out.

Within the divestment strategy of Hispania, the most important step so far has been to reach an agreement for the sale of its building Aurelio Menendez for a total of 37.5 million euro, equivalent to

€7.800/sqm. Such price represents a 39% increase over December's valuation (including pending capex) and a capital gain over investment of 60%. Additionally, Hispania has continued with the retail sale of the flats having sold a total of 25 units in Isla del Cielo y Sanchinarro having generated net capital gains of 35% against investment.

It is worth nothing also that during the first semester Hispania has continued with its strong investment pace, having compromised more than 100 million euro in new acquisitions, worth mentioning the acquisition of the NH hotel, the Fergus hotel and the Selomar hotel in Benidorm.

Concha Osacar, board member of Hispania, says: "we are convinced that we have a unique opportunity to generate high returns for our shareholders".

"our value creating strategy contemplated the completion of the hotel portfolio through the executing of new investment opportunities which we have under analysis, complete the repositioning plans in hotels and the rest of the portfolio and to continue to generate operating improvements in all the portfolio, but specially in our hotels".

Noemí Sánchez: noemi@irazustacomunicacion.comNacho Miquel:nacho.miquel@irazustacomunicación.com Phone: +34 91 563 41 79

Isabel Troya: isabeltroya@azora.es

Pilar Vico de Haro: pilarvicodeharo@azora.es Phone: +34 91 310 6370

Hispania became listed on the Spanish Stock Exchange on the 14th of March of 2014 and as of today it has raised €1,083 million. Hispania's current portfolio includes more than 209,600 sqm in offices, close to 730 dwellings and more than 11,200 keys.

Hispania's goal is to capture investment opportunities in the Spanish Real Estate markets and creating a portfolio of high

quality assets in the residential, hotel and offices sectors.

Hispania is part of the FTSE EPRA / NAREIT Global Real Estate Index, Ibex Mid Cap Index, Euronext IEIF REIT Europe Index and S&P Global Real Estate Index.

In accordance with best corporate governance international practices, Hispania´s Board of Directors, chaired by Rafael Miranda, has a majority of independent Board Members.

Hispania is externally managed by Azora Gestión S.G.I.I.C., S.A., which has granted it total exclusivity for all of its investment deal flow in Spain, except for student housing.

Grupo Azora (hereinafter "Azora") is a leading Spanish independent asset manager, founded in 2004 and with more than

€4,000 million of assets under management. Azora manages Hispania through its subsidiary Azora Gestión S.G.I.I.C., S.A., a regulated asset management company under the supervision of the Spanish Stock Exchange regulator (CNMV).

Azora's platform is one of the largest in Spain, with a team close to 400 professionals with extensive experience across the Real Estate value chain, including deal origination, structuring and investment, new developments and repositioning, asset and property management as well as disposal of individual assets or portfolios. Azora is specialized in four assets classes: residential (Azora manages the biggest portfolio under rent in Spain, with 12,391 dwellings), student housing (also managing the biggest portfolio in the country, with 8,530 beds) and the biggest hotel portfolio under rent in Spain, with more than 12,000 rooms.