Scandinavian Property Development ASA (SPD), a new property company established by SEB Enskilda and Aberdeen Property Investors, has raised €370 million in new equity through a private placing with more than 230 international investors. The equity offering was highly successful and 4 times oversubscribed with subscriptions for €1.5 billion.
The private placement attracted a broad base of professional investors from the US, UK, Sweden, Norway, Finland, The Netherlands, Monaco, Iceland, Germany and France giving the company a very international shareholder structure.
The owners of SPD's first investment, the development projects at Fornebu, Norway, have agreed to receive 40% of the value of the property in shares in SPD. This is an increase by 33% compared to what was initially agreed in December 2006 and underlines their commitment to the company.
The private placing was managed by SEB Enskilda ASA and ABG Sundal Collier Norge ASA.
Stein Haugbro, Director, Aberdeen Property Investors and CEO, Scandinavian Property Development ASA comments: "We are very pleased by the fantastic reception from institutional investors in both Norway and abroad. The success of the private placing confirms the attractiveness of our business model and lays the foundations for the positive development of SPD. The market capitalisation and the shareholder structure should make this an attractive stock after the planned IPO."
The company is preparing for an OTC-listing in Norway later in 2007.
Source: Aberdeen
