Gleiss Lutz is advising Joint Global Coordinators Joh. Berenberg, Gossler & Co. KG and Baader Bank Aktiengesellschaft on a rights issue at Westgrund Aktiengesellschaft in a volume of approx. EUR 140 million.
The measure will involve an increase in the share capital of the Berlin-based residential real estate firm through the issuance of up to approx. 40,000,000 new shares against cash contributions. 22,741,646 of the new shares were already issued to selected investors on 10 September 2014 by means of a pre-placement at EUR 3.50 per share. The remaining new shares will be offered to shareholders for subscription between 11 September and 24 September 2014 at a subscription rate of 5:6 and a price of EUR 3.50 per share. In the course of the capital increase, all shares of the company will also be admitted to trading on the regulated market (Prime Standard) of the Frankfurt Stock Exchange.
Westgrund intends to use most of the gross issue proceeds of approx. EUR 140 million to partially fund the takeover of a residential property portfolio comprising 13,300 apartments from Berlinovo Immobilien Gesellschaft mbH.
The following team of Gleiss Lutz lawyers is advising Berenberg Bank and Baader Bank on the capital measure: Dr. Stephan Aubel (lead, partner), Alexander Gebhardt, Jan-Rasmus Roßkamp, Michael Obst and Vanessa Maier (all corporate and capital markets, Frankfurt).
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