Triodos Vastgoedfonds N.V. (the “Fund” or “Triodos Vastgoedfonds”), Europe’s first sustainable real estate fund, plans to launch a fixed price offering of up to 11,463,182 newly issued ordinary shares (the “Offer Shares”). The offering will be executed in the form of a private placement to qualified investors in the Netherlands, which has been closed earlier this week, and a public offering to existing and new investors which is planned to start later this week, subject to approval of the prospectus by the Netherlands Authority for the Financial Markets (the “AFM”). The price of the Offer Shares is EUR 2.80 per Offer Share (the “Offer Price”).
The offering of the Offer Shares will strengthen the Fund’s balance sheet, which will provide the Fund a solid financing structure to grow the portfolio moving forward. As such, it will enable the Fund to finance new acquisitions of real estate assets which meet the sustainability criteria of the Fund and as a result enable the Fund to increase its positive impact.
Guus Berkhout, Fund Manager Triodos Vastgoedfonds: “The real estate sector plays a vital role in the much needed transition from a carbon-based economy to a sustainable energy economy. As the first zero-emission real estate fund Triodos Vastgoedfonds fulfills a leading role in this transition. We believe our approach proves that the real estate sector can actively contribute to combatting climate change by bringing back its CO2-emissions.”
Given recent positive developments in the real estate sector the Fund feels now is a good moment in time to expand the Fund.
“Market conditions in the real estate sector have improved significantly. Declining unemployment rates, in particular in office-related sectors of the economy, have contributed positively to vacancy rates. Also, interest rates are at historically low levels and capital is looking for returns and real estate investments are considered an attractive opportunity. Additionally, demand for sustainable office buildings is increasing and the cooperation needed to create energy efficiencies creates a stronger tenant-owner relationship. This may result in higher occupancy rates and thus in attractive direct returns”, says Guus Berkhout.
Prior to the public offering of newly issued ordinary shares a private placement was held. During the private placement, commitments for the placement of 5,357,143 newly issued ordinary shares with qualified investors only have been made, with the same rights as for the Offer Shares and the same price as the Offer Price. The private placement will result in the issuance of 5,357,143 newly issued ordinary shares for an amount of EUR 15 million.
The private placement closed on Wednesday 14 June 2017. The new ordinary shares issued during the private placement will be listed at Euronext Amsterdam as per Friday 16 June 2017.
Guus Berkhout concludes: “Given the generally positive tide for the sustainable real estate sector, we feel Triodos Vastgoedfonds is now well positioned for this share issue. The appetite we received during the private placement underwrites this notion. We look forward to further developing the Fund’s portfolio and increase the positive impact we realise through our investments.”
All details regarding the offering will be available in the Technical Information Memorandum and the prospectus, which are expected to be published in the course of this week, subject to the approval of the prospectus by the AFM. Both documents will be made available at www.triodos.com/vastgoedfonds
Press release Triodos Vastgoedfonds Share Issue Document 126.9 KB