Sweden-based real estate company Cibus Nordic Real Estate has raised approximately SEK 927 mln (€81 mln) from a directed share issue.
The offering, which was oversubscribed, attracted strong interest from both Swedish and international institutional investors, including AP3, AP4, Clearance Capital Limited, and Länsförsäkringar Fondförvaltning.
The newly issued shares were priced at SEK 162 (€14) per share, resulting in a total of 5.7 million shares sold. The subscription price was set at a discount of approximately 2.7% to the company's volume-weighted average price over the previous ten trading days and a discount of 4.3% to the closing price on 10 September. It also represents a premium of approximately 20% to the EPRA NRV per share, which was €11.8 on 30 June.
Christian Fredrixon, Cibus' CEO commented: ‘We are grateful for the support from investors and pleased with the successful outcome of the transaction, which strengthens our ability to capitalise on attractive acquisition opportunities in the current market. This is a key step in executing our growth strategy, and we remain focused on increasing cash earnings per share while maintaining a strong financial position.’
Cibus Nordic Real Estate intends to use the share-issue proceeds to acquire individual assets and properties that align with its growth strategy while maintaining a prudent financial risk profile.
The company has a robust acquisition pipeline, including potential investments in larger property portfolios across the Nordics and Continental Europe. To fund these acquisitions, the company may consider additional share issues, including share issues in kind, in the near future. Importantly, the company aims to maintain its net debt loan-to-value ratio.
The directed share issue has increased the number of outstanding shares and votes in Cibus Nordic Real Estate. The total number of shares now stands at 62,972,150, up from 57,247,536, while the share capital has increased to €629,721 from €572,475. This share issue represents a dilution of approximately 9.1% for existing shareholders.
Pareto Securities and Nordea Bank Abp, filial i Sverige served as Joint Global Coordinators and Joint Bookrunners for the directed share issue. Roschier Advokatbyrå provided legal counsel to Cibus Nordic Real Estate, while Baker McKenzie was legal advisor to the Joint Global Coordinators and Joint Bookrunners.
Cibus Nordic Real Estate specializes in acquiring, developing, and managing high-quality properties in the Nordic region, primarily anchored by daily goods store chains, such as Kesko, Tokmanni, Coop Sverige, Lidl, and S Group. Cibus currently owns a portfolio of over 450 properties across the Nordic countries.
