Joint Global Coordinator and Joint Bookrunner Tritax EuroBox

Kempen is pleased to announce the successful €193m capital increase by alstria earlier this week

Transaction highlights

  • The transaction comprised c.15.3m shares, equal to c.10% of pre-deal outstanding share capital, and priced at €12.60 per share, a 2.0% discount versus the previous closing price of €12.86
  •  Gross proceeds amount to €193m and will be used to fund further growth through acquisitions, including c.€87.4m for the acquisition of two properties in Hamburg and Stuttgart that have already been secured. Remaining funds will be used for further acquisitions or repayment of debt including a potential cash settlement of the convertible bond
  • The orderbook was multiple times oversubscribed; allocations were scaled back severely and concentrated towards existing shareholders and wall-crossed accounts. The top 20 investors in the orderbook took c.75% of the transaction
  • Kempen generated substantial demand with a strong focus on US and European generalist investors and momentum players as well as Real Estate specialist investors
  • On the first trading day post pricing, Kempen traded 4.4m shares (€55.3m) in alstria, equal to almost 50% of total daily volume, underpinning Kempen’s top trading position in alstria 2017-2018TYD (#1 in high touch, #2 overall)

Company description

alstria is focusing solely on German office property in selected German markets. It owns a €3.2bn portfolio, which comprises 119 building with a lettable area of 1.6m sqm.

Kempen Real Estate credentials

  • Kempen acted as Co-Lead Manager in alstria’s €193m accelerated bookbuild offering
  • In 2017, Kempen has advised in Real Estate transactions across 10 different countries in Europe
  • This transaction underpins our position being #1 in European Real Estate ECM in 2014-2018YTD

Contact

Dick Boer

Transactions