Novavest: Capital increase successfully completed
With its capital increase carried out in the second half of October, Novavest Real Estate AG was able to attract new investors as well as new financial resources.
As Novavest Real Estate announces, a total of CHF 19.8 million in new share capital was subscribed as part of the capital increase from the existing authorised capital and in compliance with shareholders' subscription rights. By issuing 594,247 new registered shares at a subscription price of CHF 38.00 per registered share, the capital increase was implemented to the extent planned, it says. With the liquid funds of around 22.6 million from the capital increase, Novavest Real Estate intends to continue its growth strategy and further expand its existing real estate portfolio, according to the company.
In addition to the exercise of subscription rights by existing shareholders, the company has experienced strong demand from new investors. The Board of Directors of Novavest Real Estate has also allocated the unexercised subscription rights of Bank J. Safra Sarasin for further allocation to new and/or existing investors of the company. The entire issue was significantly oversubscribed, reflecting the strong interest and demand from institutional and private investors, Novavest wrote. The capital increase has again broadened the company's existing shareholder base.
Following the completion of the capital increase, which is expected to take place on 10 November 2017, the Company's share capital will now amount to approximately 171.24 million, divided into 5,150,136 registered shares with a nominal value of CHF 33.25 per share. The first trading day of the new 594,247 registered shares to be issued on the BX Berne eXchange is expected to be 13 November 2017.
Novavest Real Estate AG focuses its activities on the management and development of properties for residential, office and commercial use as well as on new construction projects in these segments. The real estate portfolio is concentrated on properties located in the catchment area of the centres of Basel, Bern, Aarau, Zurich, Winterthur and St. Gallen and on their axes.
