ADO Properties launches rights issue

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By Sam Kerr
02 Jul 2020

ADO Properties, the commercial and residential property developer in Germany, launched a €450m capital raising on Thursday, to pay off the debts of its peer, Consus, in which it will take a controlling stake.

The cash call is fully underwritten. Deutsche Bank and JP Morgan are the global co-ordinators on the rights issue, while Barclays and Kempen & Co are bookrunners.

ADO’s shareholders are being offered five new shares for every 12 owned at a subscription price of €14.60 a share. The price ...

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