Varia US Properties closes private placement
Residential real estate investor Varia US Properties has received commitments of over CHF 40 million in a private placement.
Commitments received from investors totaled CHF 40.4 million, representing a capital increase from the current level of around 9 million to 10.13 million, Varia US Properties AG announced. The company intends to use the funds from the capital increase to further expand its portfolio in the US.
The new shares are to be admitted to trading on the Standard for Real Estate Companies of the SIX Swiss Exchange without a prospectus immediately after the capital increase has been entered in the Commercial Register. The first trading day is scheduled for December 2. The purchasers of the new shares have agreed to a lock-up period of 90 days from the first trading day of the new shares, according to Varia.
Reyl & Cie Ltd. acts as lead manager and paying agent for the planned capital increase; Baker McKenzie provided legal support for the transaction. (ah)
