Listed German real estate firm DIC Asset has announced that its recent rights offer was more than four times oversubscribed. DIC's issued share capital increased from EUR 31 mln to just under EUR 40 mln. The issue proceeds for the company totalled EUR 47 mln.
Listed German real estate firm DIC Asset has announced that its recent rights offer was more than four times oversubscribed. DIC's issued share capital increased from EUR 31 mln to just under EUR 40 mln. The issue proceeds for the company totalled EUR 47 mln.
Proceeds from the placement are expected to be used to create additional financial headroom and selectively for acquisition opportunities.
CEO Ulrich Höller commented: 'The multiple oversubscription of all new shares is strong evidence of the high level of trust which our investors place in the future of DIC Asset. The funds raised have strengthened our financial position and provide us with extra scope for participating in the first interesting market opportunities which we already anticipate starting in the second half of 2010.'
Established in 2002, DIC invests in German real estate and has EUR 3.2 bn of assets under management.
