German property investor DIC Asset has raised EUR 62 mln through a recently concluded capital increase. The subscription ratio for the offering of approximately 2.85 million new shares was 43.3%. As they had previously declared, the company's major shareholders - Deutsche Immobilien Chancen and Morgan Stanley Real Estate Funds - took up their portion of the offering and also purchased the remaining shares not taken up by other shareholders.
German property investor DIC Asset has raised EUR 62 mln through a recently concluded capital increase. The subscription ratio for the offering of approximately 2.85 million new shares was 43.3%. As they had previously declared, the company's major shareholders - Deutsche Immobilien Chancen and Morgan Stanley Real Estate Funds - took up their portion of the offering and also purchased the remaining shares not taken up by other shareholders.
DIC Asset confirmed that it planned to use the funding to finance the further purchase of real estate assets in Germany and added that initial transactions could be concluded shortly. Real estate assets under management amount to about EUR 3.3 bn.
Following the capital increase, which ended 4 December, the shareholder structure of the company has changed slightly. The free float has fallen to 50.2% from a previous 54.9%. The stake of Deutsche Immobilien Chancen has risen to 34.5% from 30.6% while Morgan Stanley Real Estate Funds has seen its stake increase to 10.4% from 9.2%. Another significant shareholder, Forum S.a.r.l., has instead seen its holding fall to 4.9% from 5.3%. The new shares began trading on 5 December.