WOOD & Company acted as a Joint Global Coordinator and Joint Bookrunner in the accelerated bookbuilding placement of 55,000,000 O-series bearer shares of Globe Trade Centre (GTC). High investor demand allowed GTC’s share offering to be increased by more than 60%, resulting in a final deal size of 88,700,000 shares at a price of PLN 6.40 per share, raising new capital of approx. EUR 123 million.
Over the course of two days, a number of Polish and international investors placed a significant amount of demand declarations, exceeding the base offer of 55,000,000 new shares. On the back of this strong demand, GTC decided to increase the offer size by more than 60%, ultimately, allocating 88,700,000 shares at PLN 6.40 per share. The total proceeds from the transaction amounted to approximately PLN 570 million (EUR 123 million). The capital raised will be used to strengthen GTC’s capital structure and finance future growth.
Globe Trade Centre, a leading real estate investor and developer, is active in Poland, Hungary, Romania, Bulgaria, Serbia and Croatia. Its shares are listed on the Warsaw Stock Exchange and inward listed on the Johannesburg Stock Exchange.
Commenting on the transaction, Yovav Carmi, President of the Management Board of GTC said: “We are very happy to be able to conduct such a successful transaction at the year-end, with such enormous interest from our current, but also new, investors, which allowed us to upsize the transaction and limit the discount to the market price. This proves the high demand for GTC’s shares and confirms our strategy and market position.”
Ariel Ferstman, CFO and Management Board Member of GTC added: “Proceeds from this very successful capital increase, together with the funds from the sale of our Serbian portfolio, will allow us to strengthen our capital structure, reduce our loan to value ratio, and also fund our future growth. We are more than satisfied with the outcome of this capital increase. I would like to congratulate the syndicate team and thank them for their efforts in this transaction.”
On the investment banking aspects of the transaction, WOOD & Company advised as Joint Global Coordinator and Joint Bookrunner, together with Erste Group Bank and Santander Bank Polska. Legal advice to the syndicate of banks was provided by White & Case.