Samstag, 03. Dezember 2016

  • 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

(lifePR) (Hamburg, ) The Board of Directors of KWG Kommunale Wohnen AG today agreed - with the approval of the Supervisory Board - to increase the company's share capital by up to 4.3 million euros. It intends to do this by issuing up to 4.3 million new shares entitled to dividends from 1st January 2009 as part of a cash capital increase from authorised capital. This will increase the company's share capital from 8.6 million euros to 12.9 million euros. The subscription period runs from 3rd to 16th December 2009 with a subscription ratio of 2:1. Subscription rights will not be traded. Unsubscribed shares are to be offered to institutional investors for at least the subscription price as part of a private placement. No public offering will take place. The subscription price will be 4.50 euros. The company's most important major shareholder has already agreed to purchase around 20 percent of the total shares on offer - in other words at least 800,000 shares. The transaction is being managed by Silvia Quandt & Cie. AG.

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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