CEE developer-investor GTC said on Friday that it has raised €123 mln via the issue of 88.7 million shares at a price of PLN 6.40 per share.
The transaction was conducted in the accelerated book-build, with numerous Polish and international investors placing requests and significantly oversubscribing the base offer.
On the back of strong demand, the company decided to increase the offer size by more than 60%.
The funds will be used to strengthen the capital structure of the Group and fund future growth.
‘We are very happy to be able to conduct such a successful transaction at the year end with such an enormous interest from our current but also new investors, which allowed us to upsize the transaction and limit the discount to the market price. It proves high demand for GTC’s shares and confirms our strategy and market position,’ said Yovav Carmi, president of GTC’s Management Board.
‘Proceeds from this very successful capital increase, together with the funds from sale of our Serbian portfolio, will allow us to strengthen our capital structure, decrease our loan to value ratio but also will fund our future growth. We are more than satisfied with the outcome of this capital increase. I would like to congratulate the syndicate team and thank them for their efforts in this transaction,’ added Ariel Ferstman, CFO and Management Board Member of GTC.
Santander, Erste Group and WOOD & Company acted as Joint Global Coordinators and Joint Bookrunners assisting the Company in this transaction.
GTC actively manages a commercial real estate portfolio of 54 commercial buildings providing 854,000 m2 of lettable office and retail space in Poland, Hungary, Bucharest, Belgrade, Zagreb and Sofia. In addition, GTC has a development pipeline of 420,000 m2 retail and office properties in capital cities of Central and Eastern Europe.