Four run IVG cap hike but only one will underwrite

IVG Immobilien, the German property firm, on Wednesday launched a fully-underwritten discounted rights issue that will allow it to finish projects that are pre-let, allowing it to speed-up its deleveraging plan. But unusually, while four banks are involved in the deal, only one — Berenberg Bank — is providing underwriting for the €145m trade, which was launched with a punchy 22% discount to the theoretical ex-rights price.