Varia US Properties: Over-allotment option exercised
The over-allotment option in the IPO of real estate company Varia US Properties to SIX has been fully exercised, the company says.
Varia US Properties announced that Bank Vontobel placed 464,562 new shares at an offering price of CHF 35 per share on January 6, 2017. This corresponds to 15 percent of the nearly 3.1 million shares issued by the company in the IPO.
Varia has thus sold a total of around 3.6 million shares. This corresponds to a total placement volume of CHF 124.7 million. The free float is estimated by the company at around 40 percent.
Varia shares were first listed on the SIX Swiss Exchange on December 8. Since then, the share price has ranged between CHF 34.90 and CHF 37, and on January 9 it was CHF 35.90.
The Company operates exclusively in the U.S. multifamily sector with a focus on the secondary and tertiary markets. The Company acquires, holds, restructures and repositions properties in metropolitan areas of the U.S. to generate stable rental income and capital appreciation.
