GERMANY

摘要

Property developer INSTONE REAL ESTATE is targeting €182m through a fully underwritten rights issue to bulk up its acquisition reserves. Credit Suisse and Deutsche Bank are global coordinators with lead managers Mainfirst and UniCredit. The rights issue will consist of 10m shares offered on a 4-for-15 basis at €18.20. Pricing is a 23.1% discount to TERP of €23.67 and the deal will increase Instone's share capital by about 27%. Subscription will run from September 1-14, with rights trading until September 9 and results and any rump placement due on September 15. The company will be locked up for six months.