MERLIN Properties

• Capital increase via accelerated bookbuild offering of c. 94 million new shares, corresponding to c. 20% of the company’s pre-deal outstanding share capital and generating gross proceeds of €921 million for MERLIN Properties
• The shares were placed at €9.80 per share, representing a discount of 4.7% vis-à-vis the closing price prior to transaction announcement
• The company’s two largest shareholders Banco Santander and Nortia Capital and two founders, together representing c. 33% of the shareholder base, had irrevocably undertaken to subscribe for new shares on a proportional basis ahead of launch
• The order book was covered within 15 minutes post launch. The final order book, comprising of over 140 lines, was multiple times covered with the majority of shares allocated to existing shareholders and real estate specialist investors
• MERLIN Properties intends to use the net proceeds for the development and expansion of its data center business line and other general corporate purposes in line with its ambition to invest €2 billion in data centers until the end of 2027, as announced in the last quarter of 2023
  
• Ahead of the transaction and based on proprietary intelligence, Van Lanschot Kempen presented to the company indications of interest from investors well in excess of the target deal size. This underpins Van Lanschot Kempen’s unique position to support listed real estate companies across subsectors in raising capital as the most active bank in European Real Estate equity capital markets

This transaction underpins our leading position in European Real Estate ECM. In the last twelve months, Van Lanschot Kempen has successfully completed multiple transactions in its real estate franchise. Recent transactions include:

• €90 million secondary transaction in Vesteda by MN on behalf of Bpf MITT
• €150 million accelerated bookbuild offering by ARGAN
• SEK 2.1 billion accelerated bookbuild offering by Catena 
• €51.8 million sale of shares in Wereldhave 
• USD 150 million U.S. private placement by Amvest
• €300 million accelerated bookbuild offering by Warehouses De Pauw
• €126 million accelerated bookbuild offering by Montea
• €260 million secured green loan raise of Klépierre
• €167 million accelerated bookbuild offering of Cofinimmo
• €625 million green loan raise by DHG