French retail developer Altarea said on Wednesday it had raised EUR 375mln via a capital increase launched on 16 June 2008. 'In a bleak economic, financial and stockmarket climate, this result attests to the confidence of existing shareholders,' the company said in a statement. Over two million new shares were subscribed as part of the share issue at a price of EUR 170 per share.
French retail developer Altarea said on Wednesday it had raised EUR 375mln via a capital increase launched on 16 June 2008. 'In a bleak economic, financial and stockmarket climate, this result attests to the confidence of existing shareholders,' the company said in a statement. Over two million new shares were subscribed as part of the share issue at a price of EUR 170 per share.
The capital hike also allowed ABP to buy a 5.77% stake in the company as a new strategic shareholder, Altarea said. The firm's share capital has increased to over 10 million shares as a result of the offer. Founder shareholders Alain Taravella and Jacques Nicolet owns a majority stake in the company (55.80%), followed by Foncière des Régions with a 12.04% interest, insurance group Prédica with 10.87%, and MSRESS with 6.80%.
