Belgian listed property company Aedifica is launching a €380.4 mln capital increase by issuing up to 7.3 million new shares at a price of €52 per share.
The subscription period will run to and include 29 June 2023, and the priority allocation rights will be tradeable on the regulated markets of Euronext Brussels and Euronext Amsterdam.
The net proceeds from the public offering will be used by the company to strengthen its balance sheet and reduce its debt ratio, to finance its pipeline of projects and to pursue new investments.
The current disclosed pipeline of construction and renovation projects and acquisitions represented, on 31 March 2023, a total budget of €630 mln, of which €451 mln is still to be invested over an estimated period of three years.
Aedifica aims to maintain a debt-to-asset ratio below 45% in line with its financial strategy.
ABN Amro (in cooperation with Oddo BHF), BNP Paribas Fortis and Société Générale will act as joint global coordinators and joint bookrunners, while Belfius Bank (in cooperation with Kepler Cheuvreux), Berenberg, ING Belgium, J.P. Morgan and KBC Securities will act as joint bookrunners.
Aedifica specialises in healthcare property, and more specifically in property for the care of the elderly.
The company has a portfolio of over 620 sites in Belgium, Germany, the Netherlands, the UK, Finland, Sweden, Ireland and Spain, worth more than €5.7 bn.
