Argan

• Capital increase via accelerated bookbuild offering of c. 2 million new shares, corresponding to c. 20% of the company’s outstanding free float shares prior to the transaction and generating gross proceeds of €150 million for Argan
• The shares were placed at €74.00 per share, representing a discount just below 6.0% vis-à-vis the closing price prior to transaction announcement
• The company’s major shareholders the Le Lan family and Predica, together representing 56% of the share capital, did not participate to increase the company’s free-float and liquidity in its shares
• The ABB was launched on the back of a market sounding exercise resulting in indications of demand covering the transaction size, including two UK anchor investors together for one-third of the deal
• Argan intends to use the proceeds to accelerate its growth ambitions via an investment package for a total amount of €380 million during its 2024-26 strategic plan. The envisaged investments are expected to generate an average yield on cost of 7%. In addition, the transaction will allow the company to delever at a faster pace versus its initial planning for the 2024-26 period
• This transaction marks Van Lanschot Kempen’s seventeenth logistics real estate transaction since 2020, making it the undisputed #1 in capital raising in this segment of listed real estate

This transaction adds to Van Lanschot Kempen’s list of achievements in the European real estate logistics sector. More specifically, it marks Van Lanschot Kempen’s seventeenth logistics real estate transaction since 2020. The aggregated deal volume since amounts to c. €5.7 billion, among which:

• SEK 7.0 billion of capital increases by Catena
• €800 million of accelerated bookbuild offerings by WDP
• €126 million of accelerated bookbuild offering by Montea
• €625 million green loan raise by DHG
• €1.2 billion public takeover of Deutsche Industrie REIT-AG by CTP, advising CTP
• €480 million of capital increases by Tritax EuroBox
• €948 million initial public offering of CTP