Spanish REIT Axia Real Estate has announced plans to raise €400 mln through the issue of 36 million shares at a minimum price of €11 each.
Spanish REIT Axia Real Estate has announced plans to raise €400 mln through the issue of 36 million shares at a minimum price of €11 each.
Axia, which went public in July last year with a €360 mln IPO, said the operation is aimed at financing the growth of the company's portfolio.
The firm has bought €464 mln of real estate in nine acquisitions representing a total of 18 buildings since its listing last year. It is currently finalising another €166 mln of acquisitions, it added.
'Axia Real Estate was the last SOCIMI to be listed on the Spanish stock exchanges and managed to complete acquisitions for an amount exceeding the share capital raised pursuant to the offering carried out in its IPO in less than five months,' commented Luis López de Herrera-Oria, CEO of Axia.
He added: 'We now propose a capital increase aiming to continue developing our expansion plan.'
The capital raise, which will include pre-emptive subscription rights, will be proposed to the shareholders meeting and is pitched at 10% above the original IPO subscription price last summer, the firm noted.
