Scandinavian Property Development (SPD), a new company established by the financial group SEB Enskilda and Aberdeen Property Investors, has raised EUR 370 mln through a private placing with international investors. The company said the 'highly successful,' equity offering was four times oversubscribed and attracted more than 230 investors from the US, UK, Sweden, Norway, Finland, the Netherlands, Monaco, Iceland, Germany and France.
Scandinavian Property Development (SPD), a new company established by the financial group SEB Enskilda and Aberdeen Property Investors, has raised EUR 370 mln through a private placing with international investors. The company said the 'highly successful,' equity offering was four times oversubscribed and attracted more than 230 investors from the US, UK, Sweden, Norway, Finland, the Netherlands, Monaco, Iceland, Germany and France.
The private placing was managed by SEB Enskilda and ABG Sundal Collier Norge and the new company, which will be listed in Norway later in 2007, is to be administered by Aberdeen Property Development. SPD will invest in housing and commercial properties in Scandinavia and is targeting a portfolio of EUR 1.5 bn by the end of the year.
Its first investment was a mixed-use development at Fornebu, the former Oslo airport, for around EUR 600 mln. The return target for the investment company will be 20+% after tax and fees, based on a balance of major non-yielding development projects and yielding opportunistic property portfolios.
