Cofinimmo - Raised EUR 167m of equity through an ABB
Cofinimmo raised EUR 167m of new equity via an ABB.This capital increase led to the creation of 2,785,805 new shares (circa. 8.2% of the outstanding capital). The new shares were issued at a price of EUR 60.0 per share, which represents a discount of 6.6% compared with the last trading price of EUR 64.25 per share. The debt-to-assets ratio should drop to 43% at the end of 2023 vs 45.6% originally expected. We sustain our 'Hold' rating.Cofinimmo is a fixed capital real estate investment trust. Co. specializes in rental property. Its core investment segments are office property and nursing and care institutions. The portfolio also includes a Distribution property networks segment. Most of Co.'s assets are in Belgium. The foreign part consists of nursing homes/ clinics and the MAAF agencies network in France and the Pubstone portfolio in the Netherlands. Co.'s operations are organized into four segments: Offices, Nursing homes/Clinics, Distribution property networks, and Public-Private Partnerships.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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