Begian listed healthcare property investor Care Property Invest has raised almost €111 million after a public offering of new shares and a private placement of scrips.
The €12 per new share issue price represented a 20% discount to the €16 closing price on 10 January 2023.
Investors subscribed to more than 5.9 million new shares, which represented 63.9% of those offered. The remainder were sold as scrips. The net proceeds of the offering are estimated to be more than €108 million.
The objective of the issue was to enable Care Property Invest to fund developments while maintaining a maximum debt ratio of 50%.
The company has developments on its balance sheet requiring the investment of €45.7 million and it has €15.9 million-worth of other investments on the stocks. The company expects to acquire a number of new healthcare properties in the countries where it operates, with €20 million allocated to property in The Netherlands and Belgium, about €15 million to Spain and €6 million to Ireland.
Author: Paul Strohm
Source: Real Asset Insight