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Apr 2018
real estates
Joint bookrunner
€ 123 million
Rights issue

Retail Estates

April 2018

Kempen is pleased to announce the successful EUR 123 million capital increase for Retail Estates with irrevocable allocation rights for existing shareholders

Transaction highlights

  • The transaction comprised c.1.9 million new shares, equal to c.20% of pre-deal outstanding share capital (corresponding to a subscription ratio of 1:5)
  • The subscription price was set equal to EUR 65.00 per share 
  • 8.8% discount to TERP
  • 10.3% discount to the closing price prior to announcement
  • 10.5% premium to last reported EPRA NAV (as of 30 September 2017)
  • 88% of the new shares were subscribed for during the subscription period 
  • The remaining c.0.2 million shares were placed at EUR 69.00 (1.1% discount versus the previous closing price) via an accelerated bookbuild offering
  • Gross proceeds amount to EUR 123 million and will be used to finance the company’s growth strategy in respect of its real estate portfolio, while maintaining an appropriate debt ratio between 50 and 55%
  • The orderbook was well oversubscribed and was supported by strong demand from long only investors; allocations were skewed towards Real Estate specialist investors
  • Kempen introduced Retail Estates to a broad range of Real Estate specialist as well as generalist investors throughout Europe with a focus on long-term committed investors
  • Just prior to the start of the subscription period, Retail Estates obtained, next to its Euronext Brussels listing, a dual listing on Euronext Amsterdam. Kempen acted as listing agent in this tranaction

Company description

Retail Estates is a Belgian REIT specialized in out-of-town retail properties which are located on the periphery of residential areas along main access roads into urban centres across Belgium and the Netherlands. Retail Estates buys these properties from third parties or builds and markets retail buildings for its own account. The buildings have useful areas ranging between 500m² and 3,000m². Retail Estates is active in Belgium since 1998 and in the Netherlands since 2017. 


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