Spanish REIT Axiare Patrimonio has successfully completed a share capital increase of €93.4 mln through an accelerated book-building offering.
Over seven million new company shares were issued with a price of €13 per share, representing a discount of 2.6% on the closing price of 7 March 2017. Following the share capital increase, based on the current trading price, Axiare's market capitalisation will exceed €1 bn.
With the funds raised, Axiare said it would continue with its investment strategy, which includes an investment pipeline of €1.1 bn, of which €400 mln of deals are at an advanced stage.
According to Axiare, the placing was made among a range of international institutional investors, diversifying the shareholding base of the company. The new shares are expected to start trading on the Stock Exchanges of Barcelona, Bilbao, Madrid and Valencia as of today.
Axiare was legally advised by Ernst & Young Abogados and Uría Menéndez Abogados.
The joint global coordinators of the transaction were JB Capital Markets and Morgan Stanley, and Citigroup and Deutsche Bank have acted as Joint Bookrunners, all of them advised by the law firm Allen & Overy.
