Warimpex Finanz- und Beteiligungs, a hotel property investor in central and eastern Europe, announced it has raised EUR 110 mln through an Initial Public Offering to help expansion of its fund in Europe. Warimpex has sold 10 million shares at a price of EUR 11 each, the company said in a press release issued on Wednesday. The shares will start trading on the Vienna stock market on January 26 and on the Warsaw exchange three days later.

Warimpex Finanz- und Beteiligungs, a hotel property investor in central and eastern Europe, announced it has raised EUR 110 mln through an Initial Public Offering to help expansion of its fund in Europe. Warimpex has sold 10 million shares at a price of EUR 11 each, the company said in a press release issued on Wednesday. The shares will start trading on the Vienna stock market on January 26 and on the Warsaw exchange three days later.

'The offer was significantly oversubscribed, with both strong retail and institutional demand from investors in Austria and Poland', the company said. About 33% of the offering was placed in Poland, Warimpex added.

Warimpex is a Vienna-based real estate development and investment company which owns or partly owns 11 luxury and business hotels in Poland, the Czech Republic and Hungary. The hotel investor is also planning to move into other East European countries such as Slovakia, Romania, Russia and Ukraine.