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Jun 2018
Joint Bookrunner
€ 134 million
Rights Issue

Xior Student Housing

Joint Bookrunner

Kempen is pleased to announce the successful EUR 134 million capital increase for Xior Student Housing (“Xior”) with irreducible allocation rights for existing shareholders


Transaction highlights

  • The transaction comprised c.4.3 million new shares, equal to 50% of pre-deal outstanding share capital (corresponding to a subscription ratio of 1:2)
  • The subscription price was set equal to EUR 31.00 per share 
    • 7.3% discount to TERP (adjusted for dividend)
    • 10.6% discount to the closing price prior to announcement (adjusted for dividend)
    • 9.4% premium to last reported EPRA NAV (as of 31 March 2018)
  • 94% of the new shares were subscribed for during the subscription period 
  • Due to high demand before the launch of the rump offering, the remaining 257,352 shares were offered at a fixed price of EUR 34.50 (equal to the previous day closing price) via an accelerated bookbuild offering
  • Gross proceeds amount to EUR 134 million and will be used to fund the acquisition of additional investment and development opportunities from a total pipeline of c.EUR 215 million, of which c. EUR 163 million to fund acquisitions and c. EUR 51 million to fund redevelopment projects
  • The orderbook was covered a few minutes after launch and was closed within a half hour. The orderbook was multiple times covered, reflecting strong demand from long-only investors
  • Kempen introduced Xior to a broad range of real estate investors throughout Europe with a focus on long-term committed capital

Company description

Xior Student Housing is the first Belgian REIT specialized in student housing properties located in Belgium and the Netherlands. Xior has been active in this market since 2007 and offers high-quality, reliable student housing for students looking for a place to study, live and enjoy life under optimal conditions, where students will feel at home right away. Xior offers a variety of units, ranging from rooms with shared facilities to fully equipped independent studios. 


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