Varia US Properties: Capital increase and new anchor investor
Varia US Properties has completed its capital increase with gross proceeds of CHF 20.6 million. Wolf Property Holding is the new anchor investor with a 7.5% stake.
Varia US Properties AG, based in Zug, issued 542,105 new registered shares with a nominal value of CHF 1 each from authorized capital at an issue price of CHF 38 via a private placement. All of the new shares were subscribed by Wolf Property Holding. The gross proceeds of the issue amounted to CHF 20.6 million.
Patrick Richard, Delegate of the Board of Directors of Varia, said: "We are delighted to have gained Wolf Property Holding as a new anchor investor for our company. We intend to use the new capital to acquire further attractive properties and focus on projects in the US secondary and tertiary markets in high-growth suburban locations."
The placement increases Varia's share capital from 6.7 million to 7.2 million. The new shares will be admitted to trading on the SIX Swiss Exchange for the first time on October 16, 2017. The Board of Directors may increase the share capital at any time until November 13, 2018, excluding shareholders' subscription rights, by issuing up to 665,871 registered shares at the market price.
