Immofinanz has launched an initiative to enable US investors to indirectly purchase shares in the Vienna-listed real estate group. US-based investors will be able to acquire a stakes in the German and Central and Eastern Europe developer-investor though a sponsored American Depositary Receipt (ADR) scheme.
Immofinanz has launched an initiative to enable US investors to indirectly purchase shares in the Vienna-listed real estate group. US-based investors will be able to acquire a stakes in the German and Central and Eastern Europe developer-investor though a sponsored American Depositary Receipt (ADR) scheme.
The ADRs are US dollar-denominated securities representing ordinary shares of Immofinanz listed on the Vienna Stock Exchange.
ADR programmes are generally classified in three levels: Immofinanz will start a sponsored Level 1 ADR programme, a programme that is not listed on a US stock exchange. They will be traded over-the-counter (OTC) and no capital raise or issuance of new ordinary shares will be involved.
Deutsche Bank Trust Company Americas is the depositary bank for the Immofinanz ADR programme.
'Our goal is to expand our investor base in the US, which is undoubtedly the largest capital market in the world, by adding incremental US investors who cannot hold our shares directly or for whom the ADR is a more cost-effective and convenient way to invest,' commented Immofinanz CEO Eduard Zehetner.
Immofinanz manages more than 1,800 investment properties valued at EUR 9.8 bn.
