IMAP closes 193 M&A deals worth over $7.0 billion
IMAP closed 193 M&A transactions valued at over $7.0 billion in 2020, down from the 7 year high of 235 deals closed in 2019.
IMAP is pleased to announce that Inclusio successfully raised EUR 60 million in its initial public offering of new shares on Euronext Brussels.
Inclusio is a Belgian real estate company, active in the residential segment with a focus on affordable housing, as well as infrastructure with a social purpose. The project was initiated back in 2014 by Degroof Petercam and 2 other partners. Over the last few years, Inclusio has executed several capital rounds, providing EUR 92 million of pre-IPO equity and enabling Inclusio to reach a portfolio of over EUR 140 million before launching the IPO. Inclusio’s business model relies on long term contracts with social real estate agencies, providing long term cash flows, a strong operating margin and a very limited tenant risk. Its portfolio is expected to reach EUR 230+ million in the coming years.
Inclusio announced its intention to go public in November 2020, with a view of becoming the first Belgian residential REIT in the social infrastructure segment. The offering was launched with a fixed price of EUR 21.40 per share and closed on December 8 with the maximum amount of EUR 60 million being raised. The offer was well oversubscribed, with demand coming from prominent institutional investors in continental Europe and the United Kingdom, as well as from Belgian retail investors (ca. 25% post allocation).
The IMAP Belgium team, led by Patrick Moermans, acted as Sole Global Coordinator and Joint Bookrunner as part of a syndicate with one other financial institution.
IMAP Belgium has once again proven its expertise in structuring and preparing IPO transactions, while also demonstrating excellent placement capacity, both among institutional and retail investors and covering an impressive 95% of the book.
IMAP closed 193 M&A transactions valued at over $7.0 billion in 2020, down from the 7 year high of 235 deals closed in 2019.
GMD holds 12 food retail stores in the Azorean Autonomous Region, on the São Miguel, Santa Maria and Pico islands, and 1 wholesale cash and carry store on São Miguel island.
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