German RE Converts: >EUR1.1bn placed in 6 months
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We have taken another deep dive into our German RE Capital Markets database and found the following:
– Four of the six largest ever German RE convertibles have been placed during the last seven months by GAGFAH (EUR375m), LEG (EUR300m), Dt. Wohnen (EUR250m) and Grand City Properties (EUR150m). In other words more than EUR1.1bn of German RE convertibles have been placed in a period of just six months.
– GAGFAH’s recent convertible issue has been the 2nd largest ever and the largest following the financial crisis of a German real estate company.
– The largest ever German RE convertible has been issued by IVG (EUR400m) in 2007 shortly before the outbreak of the financial crisis. GSW (EUR183m) completes the Top 6 with its 12/2012 convertible issue.
– German RE convertible issuance totals EU860m via five transactions year to date. 2014 is therefore already the best year ever by a wide margin (74%). The previous record year was 2012 with six deals raising EUR494m).
– All larger listed German real estate companies except Deutsche Annington have convertibles outstanding by now.