Accelerated Bookbuild Offering on behalf of selling shareholders in

€ 56.7 million
Joint Global Coordinator Joint Bookrunner
;

Retail Estates

Joint Global Coordinator and Joint Bookrunner

Kempen acted as Joint Bookrunner in the successful placement of €56.7m in Retail Estates shares

Transaction highlights

  • The successful placement of 750,000 shares in Retail Estates raised €56.7m in proceeds for the selling shareholders, who obtained the shares in exchange for contribution in kind
  • The shares were placed at €75.60 per share representing a 3.94% discount to the closing share price on the day before launch and a 18% premium to EPRA NAV
  • The €56.7m placement represents part of €97m compensation for a contribution in kind of three retail parks in the Netherlands, specifically in Breda, Zaandam and Naaldwijk, that will strengthen Retail Estates’ presence in the Netherlands
  • The orderbook was well oversubscribed and was supported by strong demand from long only investors and the top 10 investors in the book taking up over 80% of the placement
  • Allocations were significantly skewed towards dedicated real estate specialists
     

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
  • As of 31 March 2019, Retail Estates has 906 premises in its portfolio with a total retail area of 1,049,101m² with an occupancy rate of 98.28%
     

Contact

Dirk Saltzherr
Thomas ten Hoedt

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