Residential property specialist Grand City Properties, which invests in value-add opportunities in urban areas in Germany, has successfully completed a €198 mln capital increase.
Following an accelerated book building process on 20 June 2017, the Luxembourg-incorporated company has increased its total share capital from €15.4 mln to €16.5 mln through the issue of 11 million new shares.
The new shares, whose offer price was fixed at €18, were successfully placed by way of private placement.
Grand City said that the gross proceeds will primarily be used to fund the company's growth strategy.
