Hamborner REIT AG
Hamborner - Objekt Muenster
Hamborner put the fair value of its real estate portfolio at €717m with an overall LTV of 43.3%. Rental income last year amounted to €46.82m, while the company earned FFO last year of €24.55m, and booked a net profit of of €17m.
German listed property firm Hamborner REIT is to raise around €142m through a cash capital increase of 16.6 million new shares at a price of €8.50 a share. Shareholders can subscribe at the ratio of three to one for existing shares held. The price represents a discount of 9% on the €9.34 share price prevailing on June 23rd. Trading in the new shares will start on 13th July.
It is the second capital increase to be carried out by the Duisburg-based company this year. In February, Hamborner increased its capital by 10% through the issue of 4.5 million new shares worth a total €40.9 mln.
The shares were fully subscribed in an off-market deal by RAG-Stiftung, a foundation set up to ensure that the RAG corporation can discontinue subsidised coal mining in a socially acceptable manner in the Ruhr Valley.
The company said it intends to use the proceeds from the new offering mainly to finance the acquisitions of additional properties, particularly commercial buildings in prime locations, and retail parks. Existing shareholders will be offered subscription rights for the new shares and the company's largest shareholder, RAG-Stiftung, has already agreed to exercise all its subscription rights.
Any new shares not taken up by existing shareholders may, following expiry of the subscription period, be offered to qualified investors via a private placement, Hamborner said. Joh. Berenberg, Gossler & Co. KG is acting as sole global coordinator and together with Kempen & Co and Bankhaus Lampe KG acting as joint bookrunners.
Hamborner put the fair value of its real estate portfolio at €717m with an overall LTV of 43.3%. Rental income last year amounted to €46.82m, while the company earned FFO last year of €24.55m, and booked a net profit of of €17m.
