Greece-based Grivalia Properties REIC's hospitality platform, Grivalia Hospitality SA, closed on a new €60 million share capital raise, taking its paid-up share capital to €180 million.

The capital raise was fully subscribed by the company's existing shareholders, with Grivalia Properties and Eurolife ERB Life Insurance Co. covering €15 million each. A new investment vehicle under the management of M&G Investment Management Ltd. contributed €30 million.

The company will use the funds to advance its investment plan.