Equest Balkan Properties Raises GBP140 Million In AIM Float

Edited Press Release



LONDON -(Dow Jones)- Equest Balkan Properties, a property investment company focusing on commercial, retail and industrial property in South Eastern Europe, primarily in Bulgaria and Romania, said Wednesday that it’s successfully completed an oversubscribed placing, raising GBP140 million (before expenses) and its ordinary shares have started trading on AIM.

The company said it aims to pay its shareholders dividends which it intends will provide an initial target dividend yield of 7.5% once the proceeds of the placing are fully invested.

The company expects this target yield to increase to 10% over time.

The investment adviser is Equest Partners.

A number of potential opportunities for the company which are in line with its investment objectives have already been identified. As such, the investment adviser has entered into exclusivity agreements in respect of 14 property asset projects and one large portfolio of retail assets.

It is intended that the company will be fully invested in high yielding commercial property, with prospects for capital appreciation, within 12 months from Admission.

The company has placed 140 million new Ordinary shares at GBP1 per Ordinary share, raising gross proceeds for the company of GBP140 million (GBP134.4 million net of expenses).