Belgian REIT Cofinimmo has completed the placement of almost 1 million shares targeting institutional investors.
Belgian REIT Cofinimmo has completed the placement of almost 1 million shares targeting institutional investors.
On Tuesday the company announced that it had raised €86.5 mln after the accelerated bookbuild offering of 989,413 ordinary shares at a price of € 87.5 per ordinary share.
The accelerated book building placement represents 5.8% of Cofinimmo’s currently outstanding shares
The proceeds will be used to fund its committed investment pipeline and to strengthen Cofinimmo’s balance sheet. The share placement will reduce the company's LTV ratio by 2.51points to 49.7%.
JP Morgan Securities is acting as sole global coordinator and joint bookrunner. Bank Degroof and ING are acting as joint bookrunners.
Financial services group Dexia and the Belgian subsidairy of German insurer Allianz are already shareholders in the Brussels-listed REIT.
