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Rights issue

€ 206 million
Co-Lead Manager
;

Xior Student Housing

Co-Lead Manager

Kempen is pleased to announce the successful c. €206 million capital increase for Xior Student Housing

Transaction highlights

  • The transaction comprised c. 4.8 million new shares
  • The subscription price was set to €43.00 per share with a rights ratio of 1:3 (1 new share for three existing shares)
    • 11.0% discount to TERP (adjusted for dividend)
    • 15.0% discount to the closing price prior to announcement (adjusted for dividend)
  • 93.1% of the new shares were subscribed for during the rights subscription period 
  • There was high demand for the Rump Placement, consisting of 331,687 shares, which was placed without a discount to market for €49.00 per share via an accelerated bookbuild offering
  • Gross proceeds of c. 206 million will be used to finance the investment pipeline of c. €170m worth of assets in Spain and Portugal while simultaneously adding liquidity to fund ongoing commitments
  • The orderbook of the Rump Placement was multiple times covered and closed within half an hour, reflecting strong demand from a great variety of 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.

 

Contact

Dirk Saltzherr
Thomas ten Hoedt

Transactions