Socimi Trajano Iberia Launches €47.2M Capital Increase

7 September 2016 – Expansión

The Socimi Trajano Iberia, which is listed on the MAB and managed by the real estate investment division of Deutsche Asset Management, is going to carry out a capital increase amounting to €47.2 million, with the aim of raising new funds to allow it to continue to benefit from the real estate cycle in Spain and Portugal.

The Socimi, which expects to have invested all of its initial funds (€182 million) by the end of this year, is on the look out for new investment opportunities.

On 14 June, Trajano approved a capital increase amounting to a maximum of €47,238,400, through the issue and placing into circulation of 4,723,840 new ordinary shares at €10/share, which represents a discount of 6% on the company’s current share price (of €10.65 per share) and 5% on its latest NAV, published at the end of 2015 (of €10.52 per share).

Trading of the subscription rights is expected to begin on 12 September and the preferential subscription period will last for one month.

The Company’s Board of Directors has ratified its plans to participate in the increase covering at least 58% of the maximum amount, which will amount to €27.5 million.

The team responsible for Deutsche Asset Management’s real estate division in Spain and Portfolio has undertaken transactions amounting to almost €1,000 million over the last 15 months and currently has a portfolio of assets under management amounting to around €1,300 million. To date, the Iberian portfolio comprises 17 real estate assets: 7 shopping centres, 7 office buildings and 3 logistics assets, with a combined leasable surface area of around 400,000 sqm.

Original story: Expansión

Translation: Carmel Drake

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