Hamborner REIT raises €41m, Deka underwrites new issue
The Duisburg-based Hamborner REIT has increased its capital by 10%, raising €41m in an issue underwritten specifically by Deka Investment. The German savings bank fund manager is taking up all the new shares on account of RAGS-FundMaster, a special asset fund held by Essen-based RAG-Stiftung.
Hamborner issued 4.5m new shares at €8.993 per share, with the net proceeds destined for strengthening the company’s equity base and for further property investments. The shares were listed on February 27th, with Bankhaus Lampe advising on the transaction. The RAGS-FundMaster Special Fund is part of the RAG-Stiftung (foundation), which will now become the largest shareholder in Hamborner.
The RAG-Stiftung was established in 2007 as a foundation to ensure that the RAG Corporation can ease its way out of subsidised coal mining in a socially acceptable manner by 2018. It also promotes the Ruhr and Saar regions by supporting educational, scientific and cultural measures related to coal mining. The foundation holds €717m of property assets to meet its obligations from 2019 onwards. Shareholders before the capital increase included Prof. Siegert from Düsseldorf with 6.68% of Hamborner, Brussels-based SFPI/FPIM 5.51%, New York’s BlackRock 3.2%, Paris-based BNP Paribas 3.13%, with 81.45% in free float.