From 9. a.m. this morning until 2 p.m. on October 20, Shopper Park Plus (SPP) shares will be available for subscription, paving the way for the first euro-based listing on the Budapest Stock Exchange (BSE). The shares of the regulated real estate investment pre-trust (pre-REIT), which owns a portfolio of 18 retail units, will be offered for sale through OTP Bank and Concorde as distributors.
Budapest, October 9, 2023 – The 14 properties in Hungary and, through subsidiaries, 4 properties in the Czech Republic, which currently make up SPP’s retail park portfolio, represent a total gross lettable area of more than 320,000 sqm. With an average occupancy rate of over 95%, the retail units are shared by almost 600 retail outlets.
These typically cater to basic consumer needs for which demand is fairly predictable in both growing and recessionary economic environments. This can provide SPP with a shield against cyclical effects, while at the same time providing the company with a stable dividend paying capacity. In the longer term, SPP aims to become the owner and operator of a significant retail park portfolio in the CEE region and is considering further expansion in CEE.
“SPP’s capital market presence will make its operations even more transparent, while the regulated real estate investment trust (REIT) form it aims to achieve following a successful listing will also have tax advantages,” stressed Kristóf Bárány, founding partner of Adventum, which manages the investment fund with a stake in SPP through a subsidiary. He added: “In addition to the inflation protection that comes with property investment, being euro-based can also be an added attraction for investors in this case, as the lease prices of the facilities are also fixed to a significant extent in the common European currency.”
OTP Bank Nyrt. and Concorde Értékpapír Zrt. are participating as distributors in the offering of the shares, and therefore OTP Private Banking and OTP Global Markets, as well as Concorde’s retail clients, are eligible to subscribe for the newly issued ordinary shares of SPP. For further information on the subscription of the newly issued ordinary shares, please refer to Section V.5.4 of the Prospectus approved by the MNB.
Retail investors who have an amount equal to the consideration for the shares to be subscribed in an account with one of the Distributors at the same time as they make the New Ordinary Share Application will be eligible to subscribe for the shares at a maximum price of EUR 11.5. The final price will be determined by the Issuer, after consultation with the Distributors, following the closing of the institutional book building process, within the predetermined price range of EUR 10,8–11,5. If the resulting final price is lower than the maximum price, the Distributors will refund the difference to retail investors.
SPP, which owns a portfolio of 4 retail properties in the Czech Republic and 14 in Hungary, directly and through its subsidiaries, has a gross lettable area of more than 320,000 sqm shared by nearly a thousand tenants. SPP aims to become the owner and operator of a significant retail park portfolio in the CEE region in the longer term, with further expansion in CEE in the longer term. One of Adventum’s investment funds holds a stake in SPP through a subsidiary.
Flagship companies Adventum Investment Fund Management Ltd., registered in Hungary, and Adventum International Ltd., registered in Malta, manage real estate funds investing in Central and Eastern Europe. The funds own more than 700,000 sqm of commercial real estate in core CEE countries with an AuM in excess of EUR 1 billion.
This disclosure constitutes an advertisement pursuant to Regulation (EU) No 1129/2017. The purpose of the disclosure is to ensure that all investors have access to the same regulated information and thus to ensure full transparency and compliance of the Company with the capital market requirements under Regulation (EU) No 1129/2017, Regulation (EU) No 596/2014 and Act CXX of 2001 on Capital Markets (Act on Capital Markets). In connection with the information contained in this disclosure, the Company has published a prospectus approved by the Hungarian National Bank in relation to the issuance of securities pursuant to Regulation (EU) No. 1129/2017, which is available on the website of the Budapest Stock Exchange, the disclosure website of the Hungarian National Bank, the Company’s website, the website of Concorde Értékpapír Zrt. as distributor and the website of OTP Bank Nyrt. as distributor. The Hungarian National Bank has approved the prospectus for compliance with the requirements of Regulation (EU) No 1129/2017 on completeness, clarity and consistency and it should not be considered as a recommendation on the Company or on the quality of the securities. Investors are advised to read the Prospectus before making an investment decision in order to fully understand the potential risks and benefits of the relevant investment decision and to carefully consider the legal, tax or return consequences, including the benefits and the relevant risks of a potential investment in the Company and its securities before making an investment decision. The Company draws attention to the fact that the Company and its representatives, Concorde Értékpapír Zrt. as distributor and OTP Bank Nyrt. as distributor do not take any liability for investment decisions based on the conclusions drawn by investors, their adverse legal consequences or financial losses.