The offering was executed in the form of a private placement to qualified investors and a public offering to existing and new investors. The fund issued 2,759,620 new shares during the public placement and 5,357,143 new shares during the private placement, resulting in a total of EUR 22,726,936 new capital. The issue price was EUR 2.80 per Offer Share.
As per 11 July 2017 the total number of shares of Triodos Vastgoedfonds amount to 16,653,591. The share issue has significantly strengthened the Fund’s balance sheet and provides the opportunity to grow the Fund to EUR 100 million with a leverage of under 50%. Its solid financing structure also allows Triodos Vastgoedfonds to grow its portfolio moving forward, enabling it to finance new acquisitions of real estate assets that meet the Fund’s sustainability criteria.
Guus Berkhout, Fund Manager Triodos Vastgoedfonds: “We are very pleased with the result of the share issue. The interest of investors in Triodos Vastgoedfonds can be seen as a recognition of the leading role we play in the transition towards a more sustainable society as the first zero-emission real estate fund.”
The share issue was realised in close cooperation with NIBC Bank, who acted as joint selling agent and significantly contributed to the success of this capital raise.
Given the generally positive tide for the sustainable real estate sector, Triodos Vastgoedfonds is now well positioned to further develop its portfolio.
“The real estate sector plays a vital role in the much needed transition from a carbon-based economy to a sustainable energy economy. We are now in the process of acquiring new sustainable real estate assets and look forward to further increase the positive impact we realise through our investments”, Guus Berkhout concludes.
The new ordinary shares issued during the private placement have been listed at Euronext Amsterdam as per Friday 16 June 2017. The new ordinary shares issues during the public placement will be listed at Euronext Amsterdam as per tomorrow, Tuesday 11 July 2017.
About Triodos Vastgoedfonds
Triodos Vastgoedfonds was established in 2004 and is the first sustainable real estate fund in Europe. Triodos Vastgoedfonds invests in sustainably built or managed commercial property and monumental buildings.
The focus of the management of the Fund lies among others on making the portfolio even more sustainable. An important topic as such is the continuation of the CO2-neutral status the Fund obtained in 2014. Triodos Vastgoedfonds owns a high-quality sustainable real estate portfolio. The performance of the portfolio is good, with an occupancy rate of 92% compared to the national average of 86%. The average duration of the rental contracts is just over four years.