The transaction was conducted in the accelerated book-build process, which started on Tuesday, 14 December and closed on Thursday, 16 December. Over the two days numerous Polish and international investors placed their demand declarations significantly oversubscribing the base offer of 55,000,000 new shares. On the back of strong demand, the Company decided to increase the offer size by more than 60% and finally to allocate 88,700,000 shares at PLN 6.40 per share, raising approx. EUR 123 million, which will be used to strengthen capital structure of the Group and fund future growth.
“We are very happy to be able to conduct such a successful transaction at the year end with such an enormous interest from our current but also new investors, which allowed us to upsize the transaction and limit the discount to the market price. It proves high demand for GTC’s shares and confirms our strategy and market position.” – Yovav Carmi, President of the Management Board of GTC commented.
“Proceeds from this very successful capital increase, together with the funds from sale of our Serbian portfolio, will allow us to strengthen our capital structure, decrease our loan to value ratio but also will 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.” – Ariel Ferstman, CFO and Management Board Member of GTC.
“Despite challenging market conditions at the end of the year, both Polish and international investors contributed with a high-quality demand allowing GTC to upsize the transaction by as much as over 60% from the originally planned size and price it with a moderate discount of c. 6.6% to 10D VWAP. We are proud of being a part of this great success.” – added Mateusz Kacprzak, Head of Corporate and Investment Banking at Santander Poland.
Santander, Erste Group and WOOD & Company acted as Joint Global Coordinators and Joint Bookrunners assisting the Company in this transaction.
The GTC Group is a leading real estate investor and developer focusing on Poland and capital cities in Central and Eastern Europe. During 25 years of its activity, GTC has developed 76 high standard, modern office and retail properties with a total area of over 1.3 million sq. m through Central and Eastern Europe.
GTC now actively manages a commercial real estate portfolio of 54 commercial buildings providing ca. 854 ths. sq m of lettable office and retail space in Poland, Hungary, Bucharest, Belgrade, Zagreb and Sofia. In addition, GTC has a development pipeline of 420 ths. sq m retail and office properties in capital cities of Central and Eastern Europe, 54 ths. sq m under construction.
GTC S.A. is listed on the Warsaw Stock Exchange and inward listed on the Johannesburg Stock Exchange.
