Axiare €360 million rights issue

Overview:

• Axiare Patrimonio Socimi, one of Spain's largest real estate investment trusts (REIT), has made a €360 million rights issue.
• Through the rights issue, close to 36 million new shares of Axiare were subscribed, doubling its capitalisation to over €800 million.
• It is one of the first rights issues by a Spanish REIT, and the capital increase allows Axiare to diversify its shareholder structure, allowing new institutional investors into the company in order to improve its free-float and the liquidity of the share price.

Adam Majeed - Regional editor