The Greek real estate developer Babis Vovos International Construction and its founding Chairman raised € 81.4 million in one of 2004´s largest, publicly-traded equity cash raising exercises in the European real estate sector.
Babis Vovos will continue to focus on office real estate and build more leisure-related properties. The Athens-based company sold almost 3.1m shares (or 9.1% of the company´s equity); the company´s founding Chairman sold approximately 3.7m shares (10.9%) in the same offering. The shares were placed by way of an accelerated bookbuild at a price of € 12 per share. The offering was oversubscribed with over 95% allocated to international institutional investors.
Deutsche Bank acted as Global Co-ordinator and Sole Bookrunner.
This transaction is indicative of a trend in which institutional investors are increasingly allocating funds to European publicly-traded real estate.
Source: Deutsche Bank