脕rima Real Estate said on Thursday that it has raised 鈧�150 mln in a capital increase backed by Canadian investor Ivanhoe Cambridge.
Under the operation - 脕rima's second capital raise this year, Ivanhoe Cambridge has invested 鈧�60 mln and become the Spanish REIT's largest shareholder with a 20.3% stake.
The shares were issued at a price of 鈧�10.40 per share, in line with company's current Net Asset Value and market price, and up 4% on the price set for the previous issue.
Strong demand from institutional investors led the company to upsize the operation from 鈧�100 mln to 鈧�150 mln, 脕rima said in a statement.
The company, which focuses on value-add investments in the office sector, said that it will use the proceeds to finance its growth strategy.
'We are very pleased to invest in 脕rima to support its future growth. The management team has a strong track record of performance, and has built, in a very short time, an impressive portfolio of high-quality value-add properties and a promising development pipeline. The Madrid office market is anticipating a sustained rental growth and we believe 脕rima is the right investment vehicle to take advantage of that cycle,' said Karim Habra, head of Europe and Asia-Pacific for Ivanho茅 Cambridge.
脕rima Real Estate, led by CEO Luis Alfonso L贸pez de Herrera-Oria, has completed several transactions since being founded earlier this year by Luis Lopez de Herrera-Oria's former management team at Axiare Patrimonio, building up a portfolio worth 鈧�175 mln.
In February it announced it had invested all the funds raised through its IPO in two deals comprising four office buildings in Madrid, for a total outlay of 鈧�93.7 mln. They include two properties on calle Mar铆a de Molina and a LEED Gold-certified building on Cristalia Business Park.
Luis L贸pez de Herrera-Oria, 脕rima鈥檚 CEO, added: 'We are delighted having Ivanho茅 Cambridge on board. The commitment of all shareholders, and especially Ivanho茅 Cambridge, demonstrates the confidence in the work carried out by 脕rima鈥檚 management, their trust and commitment in our current investments and strategy. We will move forward on with our business plan in order to generate value for all of them.'
