- Pressemitteilung BoxID 134712
KWG agrees capital increase aimed at accelerating growth
Share capital to increase by up to 4.3 million new shares / Subscription price of 4.50 euros / Subscription period between 3rd December and 16th December 2009
The gross cash inflow of up to 19.35 million euros is exclusively intended for expanding and developing the KWG property portfolio. The company is aiming to make the most of the currently attractive market prices to make further return-driven additions to its property portfolio, which already includes around 4,900 apartments. As an owner of residential properties with a view to the long-term, KWG would use additional funds to reduce the vacancy rate with renovation measures to the existing portfolio as well as to significantly increase annual rental income. KWG already has an above-average return compared to competitors with around an 8 percent return in relation to the asset value of 601 euros per square meter. The renovation measures alone are expected to increase operating cash flow in the medium-term by approx. 3 million euros a year.
Stavros Efremidis, CEO of KWG: "We primarily want to use the funds from the capital increase to improve and expand existing locations. The current market environment provides perfect conditions for doing this. It goes without saying that we are delighted to have already concluded significant subscription agreements, a fact that underlines the trust our major shareholder has in KWG and our growth strategy."
Further details of the capital increase are likely to be published in the German Federal Gazette on 2nd December 2009.
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