Report
Qrf City Retail EUR 25.0m pre-committed rights issue to fund new acquisitions
QRF launches a rights issue for approx. EUR 25.0m at a subscription price of EUR 9.62. The subscription price is calculated via Monday's closing price (EUR 10.25) minus the pro rata dividend (EUR 0.63 out of EUR 0.84 for FY25). There is no discount to Monday's closing price. The allocation rights will not trade during the subscription period. There is a pre-commitment of the reference shareholder (30.4%) Horizon Retail Investeringen (Family Vanmoerkerke). Fort & Port Warehouses NV (Katoen Natie group/Fernand Huts) will join the capital by subscribing to all unexercised allocation rights. Both will have a 90 day lockup period. The proceeds will be used for the acquisition of 15 inner city at 7.08% gross yield and the Feest-and Cultuurpaleis in Oostende at 8.0% gross yield. Given KBC securities' involvement in the ongoing transaction, we have currently suspended coverage on the name.
Underlying
QRF Comm
Qrf Comm VA. QRF Comm. VA, formerly known as Qrf CVA, is a Belgium-based Real Estate Investment Trust. The Company is specialized in the niche market of retail properties. QRF Comm. VA invests in commercial real estate throughout Belgium and the Netherlands.
Provider
KBC Securities
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Lynn Hautekeete
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