- Swiss Prime Site has successfully placed shares through an accelerated bookbuilding process, generating gross proceeds of CHF 300 million
- Attractive and concrete acquisition pipeline of investment properties with expected rental income of more than CHF 17 million per year
- The net proceeds are expected to be deployed within the next 9 to 12 months; the transaction, when fully utilized, is expected to result in an increase in Funds from Operations I (FFO I) per share and an immediate increase in the so-called “Net Asset Value”
Swiss Prime Site AG (“Swiss Prime Site”, SIX: SPSN) has successfully raised gross proceeds of CHF 300 million through the placement of 2,926,829 new registered shares (the “New Shares”) at a placement price of CHF 102.50 per New Share.
René Zahnd, CEO of Swiss Prime Site, says: “With today’s successful share placement, Swiss Prime Site is ideally positioned to continue to profitably expand its real estate portfolio while maintaining a conservative financing approach with a strong equity base. The fresh capital will enable us to capitalize on the strong momentum we are seeing in the transaction market. We thank our shareholders and investors for their support and trust in Swiss Prime Site.”
Use of proceeds
The issue will provide Swiss Prime Site with additional capital to realise its acquisition pipeline – in parallel with its ongoing project developments – while maintaining its strong balance sheet with a loan-to-value ratio of below 39%, as planned for the 2025 financial year. The company is actively managing a concrete pipeline of transaction processes which, according to current estimates, are expected to generate annual rental income of more than CHF 17 million.
The net proceeds are expected to be used for real estate acquisitions over the next 9 to 12 months, during which time they may be used for general corporate purposes. The transaction, if fully utilized, is expected to be accretive to Funds from Operations I (FFO I) per share and immediately accretive to NAV.
Resulting change in share capital
The share capital of Swiss Prime Site will be increased from CHF 154,615,092.00 to CHF 160,468,750.00 through the issue of 2,926,829 new shares with a nominal value of CHF 2.00 each against cash contributions.
The New Shares will be treated equally to existing shares and will have full dividend rights upon completion, including for the 2024 financial year. The Board of Directors has proposed an increased dividend of CHF 3.45 per share to the Annual General Meeting on March 13, 2025, which is expected to be paid on March 25, 2025.
The New Shares are expected to be listed and admitted to trading on the SIX Swiss Exchange on February 26, 2025. Payment and completion are expected to occur on February 27, 2025.
Swiss Prime Site has agreed to a lock-up period of 180 calendar days following the listing of the New Shares, subject to customary exceptions.
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