Belgium's largest listed property developer Immobel has launched a private placement of 262,179 treasury shares, corresponding to approximately 2.6% of the current outstanding share capital, through an accelerated bookbuilding process.
The private placement is expected to increase Immobel’s free float to approximately 40.8%.
Immobel said it would use the funds raised to finance additional projects already identified in Belgium, Germany, France and Luxembourg, which would come in addition to the existing portfolio of €5.2 bn gross development value.
The shares will have the same status as existing Immobel shares, and will be fully entitled to the dividend for the 2020 financial year, which is expected to be approved at the firm's ordinary general meeting on 15 April.
Until the results of the private placement are announced, trading in Immobel shares on the regulated market of Euronext Brussels will be suspended.
Following the successful private placement, the number of treasury shares will be reduced to 30,348 treasury shares, corresponding to around 0.3% of Immobel’s current outstanding share capital. The remaining treasury shares are intended to be used in the context of management performance share plans.
The company has agreed to a lock-up of 90 days following the transaction, subject to customary exceptions.
Joh. Berenberg, Gossler & Co and KBC Securities are acting as joint bookrunners in the private placement.
