Brussels-listed property firm Befimmo is aiming to raise around €127 mln with a new share issue.
The cash raised from the 2.5 million shares will fund investments in prime office assets in Befimmo's core markets of Belgium and Luxembourg, and help maintain the company's balance sheet, characterised by a target LTV of around 50%.
The issue price is €49.75 per new share at a ratio of one new share for nine priority allocation rights. The subscription period will run September 15 - 22.
The net proceeds of the offering, should it be fully subscribed, are estimated at €124 mln.
Befimmo said part of the funds would be used for the €150 mln redevelopment of the Noord building into the new Quatuor building in Brussels' Noordwijk district, planned for 2018, as well as other key commitments.
ING Belgium SA/NV and Kempen & Co N.V. are acting as global coordinators.
ING Belgium SA/NV, Kempen & Co N.V., Belfius Bank SA/NV, BNP Paribas Fortis SA/NV and KBC Securities SA/NV will be joint bookrunners in the transaction.
