German IVG Immobilien is planning to raise EUR 400 mln by selling convertible bonds to finance further acquisitions, IVG informed in a press release issued on Tuesday. The bonds, with a maturity of 10 years, will be convertible into about 11.6 million shares for each bond.
German IVG Immobilien is planning to raise EUR 400 mln by selling convertible bonds to finance further acquisitions, IVG informed in a press release issued on Tuesday. The bonds, with a maturity of 10 years, will be convertible into about 11.6 million shares for each bond.
The bonds are expected to pay interest ranging between 1.5% and 2% and to have an exchange premium of between 27% and 32%. The final conversion premium and coupon will be determined at pricing.
'The proceeds will be used to finance further growth and allows for lager portfolio transactions', IVG said. The convertible bonds will be offered solely to institutional investors outside the US, Canada, Australia and Japan.
IVG Immobilien is a real estate investment company managing about EUR 18 bn of property assets with a focus on office properties in major European cities.
