Swiss Prime Site raises 300 million for acquisitions
The company intends to use the funds from the capital increase to purchase properties with rental income of CHF 17 million. CEO René Zahnd sees "strong momentum" on the transaction market, which is to be exploited.
Swiss Prime Site AG has raised gross proceeds of CHF 300 million in a capital increase with an accelerated bookbuilding process. The approximately 2.9 million registered shares were placed at a price of CHF 102.50. The company has announced that the net proceeds are expected to be used for acquisitions within the next nine to twelve months. This will allow additional acquisitions to be made in parallel with project developments while maintaining the loan-to-value ratio of below 39% planned for 2025. "The company is actively managing a concrete pipeline of transaction processes which, according to current estimates, should together generate annual rental income of more than CHF 17 million", the statement continues. The transaction is "expected to be accretive to Funds from Operations I (FFO I) per share and immediately accretive to NAV when fully utilized".
CEO René Zahnd comments: "The fresh capital will enable us to take advantage of the strong momentum we are seeing in the transaction market".
According to the announcement, the new shares will already have full dividend rights for the 2024 financial year and are to be listed on February 26. (aw)
