Vonovia prices €1bn cap raise despite Nasdaq selloff

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By Sam Kerr
04 Sep 2020

German real estate company Vonovia priced a €1bn accelerated capital raise on Thursday to take advantage of possible growth opportunities arising from the Covid-19 pandemic. The deal was covered quickly and attracted enough demand to cover the transaction several times but execution was made complicated by a sell-off in US tech stocks on Thursday evening.

Morgan Stanley was sole global coordinator on the deal. Credit Suisse, Société Générale and  UniCredit were bookrunners.

The company sold 17m new shares, worth 3% of the company, at €59 a share, a 4% discount to the closing price.

The company launched the ...

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