Espace: CHF 25 million from capital increase
Espace Real Estate Holding AG generated gross proceeds of CHF 25.3 million from a capital increase.
The background to the capital increase is Espace Real Estate's growth plans. The company plans to invest around CHF 172 million over the next few years. The portfolio of residential properties is to be increased through new buildings and the real estate portfolio rejuvenated through renovations.
The offer was for the subscription of 214,589 new registered shares with a par value of CHF 10.00 each. Registered shareholders could subscribe to one new share with eight subscription rights each at a price of CHF 118.00 or sell their subscription rights in off-market trading. Espace's main shareholders, Artemis Real Estate Holding AG and the family of Dr. Christoph M. Müller, exercised all subscription rights to which they were entitled in the context of the transaction. The capital increase was 100 percent subscribed.
The majority of the new funds will flow into Espace's capital contribution reserves, which are expected to amount to CHF 122 million after the capital increase and the upcoming dividend payment. (ah)
