• Immobel SA/NV (“Immobel” or the “Company”) announces the launch of a private placement of approximately 262,000 treasury shares (the “Shares”) (corresponding to approximately 2.6% of the current outstanding share capital) to qualified institutional investors (the “Placement”) by means of an accelerated bookbuilding process.
• Through the private placement, Immobel intends to raise additional funds to finance additional projects already identified in Belgium, Germany, France and Luxembourg.
• The Shares rank pari passu in all respects with existing Immobel shares, and will be fully entitled to the dividend for the 2020 financial year to be approved by the Ordinary General Meeting on 15 April 2021.
• Joh. Berenberg, Gossler & Co.KG (“Berenberg”) and KBC Securities NV (“KBC Securities”) are acting as Joint Bookrunners in the private placement.

Today, Immobel has resolved to launch a private placement of 262,179 treasury shares, corresponding to approximately 2.6% of the current outstanding share capital, through an accelerated bookbuilding process. As a result, the private placement is expected to increase Immobel’s free float to approximately 40.8%.

Use of proceeds

The Company intends to use the net proceeds from the sale of its treasury shares to finance new projects in Belgium, Germany, France and Luxembourg, which would come in addition to the existing portfolio of €5.2 billion Gross Development Value.

Ranking of shares and dividend entitlement

The Shares rank pari passu in all respects with existing Immobel shares. Therefore, the offered shares will be entitled to the dividend for the 2020 financial year, to be approved by the Ordinary General Meeting on 15 April 2021.

The private placement

Until the results of the private placement are announced, trading in Immobel shares on the Regulated Market of Euronext Brussels will be suspended. The relevant request to suspend trading in shares in Immobel has been submitted to the FSMA.

The private placement will be executed in accordance with article 8.7,2° of the Royal Decree implementing the Belgian Code for Companies and Associations. In the context of the accelerated bookbuilding process, the Shares will be offered through a private placement to qualified investors in Belgium and elsewhere in the European Economic Area. The treasury shares will only be offered and sold outside the United States in accordance with Regulation S under the US Securities Act of 1933, as amended.

Books will open immediately after this publication and may close at short notice. The final placement price and the final number of Shares shall be determined by the Board of Directors of Immobel in consultation with the Joint Bookrunners. The results of the private placement will be announced shortly after the bookbuilding process, and settlement is expected to take place two business days after the announcement of the results of the private placement.

Following the successful private placement, the number of treasury shares will be reduced to 30,348 treasury shares, corresponding to c. 0.3% of Immobel’s current outstanding share capital. The remaining treasury shares are intended to be used in the context of management performance share plans. 

The Company has agreed to a lock-up of 90 days following the transaction, subject to customary exceptions.

Berenberg and KBC Securities are acting as Joint Bookrunners in the private placement.