The subscription of Shopper Park Plus (SPP) shares was a success with both institutional and retail investors: the oversubscription rate was almost 78% and 67% respectively for the two categories after the regrouping of shares from institutional investors to retail investors. This will pave the way to the first euro-based listing on the Budapest Stock Exchange (BSE): the shares of the regulated pre-real estate investment company (pre-REIT), which owns a portfolio of 18 retail units, are expected to be traded in the Premium category of the BSE from the 2nd half of November.
Budapest, 25 October 2023 – SPP has successfully completed its initial public offering (IPO), with retail investors subscribing for 1,669,029 shares during the period from 9 to 20 October 2023. After consulting with the lead managers (Concorde Értékpapír Zrt. and OTP Bank Nyrt.), Shopper Park Plus set the issue price of the shares uniformly for all investors at EUR 10.8, based on the bookbuilding process of independent market institutional investors. As this is lower than the upper end of the pre-agreed price range (EUR 11.5), the difference will be returned to retail investors to their payment accounts held at the lead-managers within 7 days after the day of the closing of the marketing procedure.
The bookbuilding process was also successful among institutional investors: in this category, investors subscribed for 1,776,589 shares. SPP finally allocated 3,445,618 new shares, on the basis of which it plans to carry out a capital increase worth EUR 37.21 million. “As SPP is expected to meet all the criteria for a Premium listing with the successful listing, we are one step closer to introducing the shares to the Budapest Stock Exchange in November,” said Kristóf Bárány, founding partner of Adventum, which manages the investment fund that holds a stake in SPP through a subsidiary.
According to him, the capital market presence will make the SPP’s operations even more transparent, while the desired form of the regulated real estate investment trust (REIT) will also bring significant tax advantages for the issuer and indirectly the shareholders. With more than 320,000 sqm of gross lettable area in 4 retail properties in the Czech Republic and 14 in Hungary, and an average occupancy rate of over 95%, SPP’s longer-term goal is to become the owner and operator of a significant retail park portfolio in the Central and Eastern European region.
The above information is not comprehensive, for further details on the issue and the subscription please visit the following websites: Shopper Park Plus, Concorde, OTP Bank.
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 (assets under management) 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 Shopper Park Plus Zrt. (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 official disclosure related 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 accept any liability for investment decisions based on the conclusions drawn by investors, their adverse legal consequences or financial losses.