DGAP-News: Prime Office AG: Shares successfully placed
(firmenpresse) - DGAP-News: Prime Office AG / Key word(s): IPO
Prime Office AG: Shares successfully placed
29.06.2011 / 21:53
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Shares of Prime Office AG successfully placed
- Total issuance proceeds of approximately 213.9 million Euros
- Prime Office will receive about 202.9 million Euros in net issuance
proceeds from the placement
- Trading starts on 01 July 2011
- Application for registration as tax-privileged REIT joint-stock company
to be filed immediately after the admission to trading
- Inclusion in the FTSE EPRA/NAREIT Global Real Estate Index Series will be
obtained immediately after the listing
- Offer clearly oversubscribed
Munich, 29 June 2011. Prime Office AG ('Prime Office'), a leading property
firm focused on investments and management of prime office properties in
Germany, has allocated the shares from its public offer after the expiry of
the offer period. The offer price amounted to 6.20 Euros per share offered.
All 34,500,000 shares from the offer have been placed. The total issuance
volume of the placement amounts to about 213.9 million Euros. Post-IPO free
float will amount to 66.42 percent.
Adjusted by transaction costs, Prime Office will generate net issuance
proceeds of about 202.9 million Euros from the placement of new shares. The
company intends to use about 190 million Euros of its net issuance proceeds
to repay loans and further strengthen its equity capital base in view of
achieving a REIT-compliant financing structure. The remaining portion of
the net insurance proceeds is to be applied towards further expanding the
property portfolio by selectively acquiring office properties in Germany.
Prime Office is currently registered as a pre-REIT joint-stock company in
the commercial register and will apply for registration as tax-privileged
REIT joint-stock company immediately after the admission of its shares to
trading, thus benefiting from the related tax privileges (exemption from
trade and corporate income tax) going forward.
'The IPO is an important milestone for our company. With the proceeds from
the IPO, Prime Office has achieved a REIT compliant financing structure.
Our shareholders will benefit from long-term, sustainable dividend payments
as provided for in the German REIT law. Furthermore, we will be included in
the FTSE EPRA/NAREIT Global Real Estate Index Series as soon as the stock
is listed. This further highlights the important role Prime Office is
playing in the property sector', says Claus Hermuth, CEO of Prime Office.
The offer was clearly oversubscribed at the offer price. About 99.82
percent of the shares could be placed with institutional investors in
Germany and abroad. The remaining about 0.18 percent were allotted to
private investors in Germany. UniCredit Bank and Berenberg Bank acted as
Joint Global Coordinators and Joint Bookrunners. Kempen&Co and Macquarie
Capital (Europe) Limited were mandated as Co-Lead Managers. The shares of
Prime Office will start trading in the regulated market (Prime Standard) of
the Frankfurt stock exchange and in the regulated market of the Munich
stock exchange on 01 July 2011 under the symbol PMO. The international
securities identifier (ISIN) of the Prime Office share will be
DE000PRME012, the German securities identification number (WKN) will be
PRME01.
Contact
Prime Office AG
Richard Berg
Director Investor Relations / Corporate Communications
Hopfenstraße 6
80335 Munich
Telephone +49. 89. 710 40 90 40
Facsimile +49. 89. 710 40 90 99
Email richard.berg(at)prime-office.de
About Prime Office AG
Prime Office AG ('Prime Office') is a leading property firm focusing on
investments in high quality office buildings in Germany. The company's
portfolio consists of 14 office properties in central locations across
major cities and conurbations in Western Germany with a total useable area
of approximately 385,000 square metres. According to a valuation performed
by the property surveyor CB Richard Ellis, the 14 properties had a total
market value of 970 million Euro as at 31 March 2011. The property
portfolio of Prime Office exclusively consists of individual buildings in
premium locations. All holdings are select modern office properties with an
attractive architecture and high building quality. The portfolio is broadly
diversified across locations and tenants. The properties are rented
long-term to high credit-quality tenants. Prime Office AG intends to
generate stable long-term rental income using a return-oriented approach of
managing the existing portfolio based on broad property, location and
tenant diversification. Rental income is also expected to grow consistently
through the addition of suitable individual properties. The company plans
to become a leading specialised REIT for prime office properties in
Germany.
For additional information on Prime Office AG please visit us in the
Internet on: www.prime-office.de.
Disclaimer
This press release is not a prospectus and, to the extent that it may
constitute an advertisement, does not constitute an offer to sell or the
solicitation of an offer to purchase the shares of Prime Office AG. All
offered shares in the context of the IPO have already been placed.
This release is not an offer of securities for sale in the United States of
America. Securities may not be offered or sold in the United States of
America absent registration or an exemption from registration under the
U.S. Securities Act of 1933, as amended (the 'Securities Act'). Any public
offering of securities to be made in the United States of America would be
made by means of a prospectus that could be obtained from Prime Office AG
and that would contain detailed information about the company and
management, as well as financial statements. There will be no public offer
of the securities in the United States of America.
Subject to certain exceptions, the securities referred to in this
publication may not be offered or sold in Australia, Canada or Japan or to,
or for the account or benefit of, any national, resident or citizen of
Australia, Canada or Japan.
End of Corporate News
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29.06.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Prime Office AG
Hopfenstraße 6
80335 München
Deutschland
Phone: +
Fax: +
E-mail: richard.berg(at)prime-office.ag
Internet: www.prime-office.ag
ISIN: DE000PRME012
WKN: PRME01
Listed: Regulierter Markt in Frankfurt (Prime Standard), München
Notierung vorgesehen / intended to be listed (Prime
Standard)
End of News DGAP News-Service
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130248 29.06.2011
Datum: 29.06.2011 - 21:53 Uhr
Sprache: Deutsch
News-ID 34503
Anzahl Zeichen: 0
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Kategorie:
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