Banimmo closes public offering successfully (BE)

Banimmo, the property redevelopment company, has successfully closed its initial public offering through an early closing. The operation enabled the company to raise €55 million, being the maximum amount planned under the capital increase, excluding the over-allotment option.

Banimmo's capital increase will mean the issue of 2,619,047 new category A shares with VVPR1 strips, of a value of 21 euros per share. On completion of the transaction, Banimmo's equity is valued at €236.7 million.

The operation was carried out by ING Belgium and Banque Degroof as Joint Lead Managers. Kempen & Co acted as Selling Agent.

The shares will be traded for the first time on Tuesday 26 June on the regulated Eurolist market of Euronext Brussels. The date for payment and delivery of the shares will take place on Friday 29 June 2007.

Following the transaction, and irrespective of the exercise of any over-allocation option, the participation of Affine in Banimmo's capital is now 49.9%. The stake held by Banimmo's management represents 26.9% of the capital.

Didrik van Caloen, CEO of Banimmo, commented on the success of the operation as follows : "We are delighted at the confidence that Belgian and foreign investors have shown in our company, that is a real niche operator in the property sector. The capital raised will enable us to pursue our growth policy: we plan an ambitious enlargement of our portfolio, while maintaining a healthy diversification both in the types of buildings (offices, retail or conference centres) and in their geographic distribution (Belgium, France, Luxembourg)."

Source: Banimmo

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