Vienna-listed property company Immoeast is planning to raise about EUR 3 bn through the issue of up to 277.9 million new shares. This will be the biggest capital increase in Immoeast's company history as well as the biggest placement of an Austrian company ever. After the placement, the market capitalisation is expected to be EUR 9.2 bn, ranking Immoeast the fourth biggest company on the Vienna stock exchange. Proceeds will be used to fund further expansion in Eastern Europe.
Vienna-listed property company Immoeast is planning to raise about EUR 3 bn through the issue of up to 277.9 million new shares. This will be the biggest capital increase in Immoeast's company history as well as the biggest placement of an Austrian company ever. After the placement, the market capitalisation is expected to be EUR 9.2 bn, ranking Immoeast the fourth biggest company on the Vienna stock exchange. Proceeds will be used to fund further expansion in Eastern Europe.
The company said that the final offer price will be determined on the basis of a book-building process. The maximum subscription price has been set at EUR 12. The subscription period for the new shares runs until May 21. Immoeast will offer shares to private and institutional investors in Austria, Germany, the Czech Republic, Slovakia and Poland. Immofinanz, the majority shareholder in the company with a 50.5% stake, intends to participate in the capital increase and retain a controlling stake.
Constantia Privatbank, Credit Suisse, Deutsche Bank, Morgan Stanley and UniCredit Group (BA-CA) will function as joint global coordinators and bookrunners. Kempen, Erste Bank, RLB OÖ, RLB NÖ / Wien and direktanlage.at will be co-lead managers.
Immoeast was founded in 1999 as a subsidiary of Immofinanz to manage the parent company's activities in Central Europe. It has traded on the Vienna Stock Exchange since December 2003 and advanced to the Prime Market segment in March 2005.
