Ina Invest: Capital increase to raise CHF 100 million

Construction group Implenia intends to transfer half of its development portfolio - valued at market prices - to the newly established real estate company Ina Invest Holding. In connection with the spin-off, a capital increase and rights issue are to be carried out.

The share capital of Ina Invest will thereby be increased by up to 5.17 million new registered shares with a nominal value of CHF 0.03 per share (capital increase of 140%). Existing Implenia shareholders will receive a subscription right for each Implenia share they hold to subscribe for shares in the new company. The subscription right ratio shall be 7:25. The subscription period runs from June 3 to June 10, 2020.

The offer price shares is to be determined in a bookbuilding process, with a maximum price of CHF 22.42 per share. This price corresponds to the net asset value (NAV) per Ina-Invest share, based on a valuation by Wüest Partner as of March 31, 2020, Implenia says. The offer price is expected to be announced on June 12, 2020, before the start of trading on the SIX Swiss Exchange. The listing and first trading day of the Ina-Invest shares on the 2020 stock exchange is also expected for this date.

Swiss Life had previously announced its intention to acquire a stake of up to 15% in the real estate company and intends to place a binding order of around 30 million in the bookbuilding at the offer price immediately after the start of the rights issue. Implenia will hold at least 40% of the shares and voting rights of Ina Invest AG after the capital increase.

The company intends to use the proceeds from the capital measure primarily to finance the realization of its development pipeline. In addition, the company plans to "pursue growth opportunities in the Swiss real estate market" in order to expand its portfolio, Implenia said. (ah)