Direct Wonen raises about EUR 60m in London

Direct Wonen, a leading residential property letting agent in The Netherlands, has announced that its shares have been admitted to trading on the AIM market in London. The company issued some 32,275,684 new ordinary shares at a price of 137 pence per share, raising about £40 mln (EUR 60 mln) net of expenses. The company's capitalisation comes to about £215 mln (EUR 317 mln).

The placing also comprised the sale of 12,413,725 shares by Weswa, which remains a majority shareholder with about 70% of the company's issued share capital. Collins Stewart Europe is acting as nominated adviser and broker to the company.

Ceo Yvonne Swaans, said: 'This listing on AIM is a very important step in the development of Direct Wonen. This flotation underscores our national and international ambitions in the property letting business, financial services and new build property sales and provides the financing to fund our future growth'.

Direct Wonen operates three business lines: private residential property lettings, new build property sales and acting as a financial services intermediary. Direct Wonen was formed in 1990 by Richard Westerhuis and Swaans. It currently a network of 23 regional offices in the Netherlands.