Intervest announces massive capital increase to reach 2018 investment goals
Intervest Offices & Warehouses Nv
2,085.00p
16:30 25/04/24
Intervest Offices & Warehouses announced a capital increase on Wednesday, in a bid to continue its growth strategy both in the office portfolio and in logistics real estate, while maintaining the debt ratio between 45% and 50%.
The Belgian real estate firm said the capital increase was for a maximum amount of €99.85m.
It also announced investments with regard to the Seaport Ghent logistics site in Belgium, the Roosendaal logistics project in the Netherlands, demolition, sanitation and infrastructure works at zone B of the former Ford site in Genk, Belgium, the Gold Forum logistics development near Eindhoven airport in the Netherlands, as well as logistics site works at Roosendaal and an office complex in Leuven, Belgium, for a total of around €125m.
The company said that with those transactions, Intervest’s goal to grow its real estate portfolio to €800m by the end of 2018 would be realised.
It explained that 21.68% of the capital increase was pre-committed by the reference shareholders FPIM/SFPI, including Belfius group, Allianz Benelux and Patronale Group.
The subscription price would be €18.50 per new share, which the board said represented a discount of 15% compared to the closing share price on 13 November of €23.05, adjusted by the estimated value of coupon 21 to be detached on 14 November after market close, which was € 1.28.
“Intervest Offices & Warehouses confirms that for the 2018 financial year, the EPRA earnings per share will remain at least stable compared to 2017 at €1.58 per share and, subject to the results and the approval by the ordinary general meeting of the dividend relating to the 2018 financial year, that the dividend will remain at least at the same level as last year at €1.40 per share,” the Intervest board said in its statement.