Belgian listed real estate company Befimmo has announced it is issuing 3.7 million new shares to raise EUR 166.6 mln to bolster its financial position. The preferential rights issue is supported by Befimmo's main shareholder, Fortis Insurance Belgium, and associated companies, who will subscribe to 701,351 new shares for EUR 31.3 mln.

Belgian listed real estate company Befimmo has announced it is issuing 3.7 million new shares to raise EUR 166.6 mln to bolster its financial position. The preferential rights issue is supported by Befimmo's main shareholder, Fortis Insurance Belgium, and associated companies, who will subscribe to 701,351 new shares for EUR 31.3 mln.

The subscription price per new Befimmo share represents a proportion of 24.45% of the weighted average price for 3 June 2009 of EUR 62.47, less the gross amount of the interim dividend. As of 31 March net asset value per share, including the result of the first half year 2008/2009, amounted to EUR 65.67. Credit Suisse Securities (Europe), Dexia Banque Belgium, Fortis Bank and ING Belgium are acting as joint global coordinators and joint bookrunners. KBC Securities is joint-lead manager.

Befimmo first announced the capital raising in May when it posted a EUR 50 mln loss for the six months to end-March.