The Grounds Real Estate Development AG successfully places its first convertible bond amounting to EUR 12 million with significant oversubscription
- Major shareholders withdraw from subscription notifications to a considerable extent in favour of expanding the investor base
- The convertible bond will be included in trading on Frankfurt Stock Exchange (Quotation Board) on 18 February 2021
Berlin, 16.02.2021 –The Grounds Real Estate Development AG (The Grounds/ ISIN: DE000A2GSVV5) has fully placed its 2021/2024 convertible bond amounting to EUR 12 million with considerable oversubscription. The transaction was accompanied by the Quirin Privatbank AG.
The scope of the subscription period ongoing since 1 February 2021 ended yesterday. Including the private placement among institutional investors, demand exceeded the issue to such an extent that the company’s major shareholders withdrew from a significant part of their original subscription notifications of around EUR 5 million to expand the company’s investor base. Commenting on the successful issue debut, Management Board member Arndt Krienen says “The strong oversubscription is a clear sign of our ability to inspire confidence in our business model even among new investors.” In placing the convertible bond, he sees a first important milestone to establish the company on the capital market, and an additional financing opportunity to achieve the next growth targets.
Management Board colleague Jacopo Mingazzini adds “These additional funds enable us to make further acquisitions. We are examining numerous projects at present, and are confident of our ability to achieve strong growth again in the current financial year and to further improve our earning power.”
The Grounds Real Estate Development AG
Arndt Krienen/Jacopo Mingazzini, Board Members
Charlottenstrasse 79-80, 10117 Berlin, Germany
Tel.: +49 (0) 30 2021 6866
Fax: +49 (0) 30 2021 6849
About The Grounds
The Grounds Group realises housing projects in German metropolitan regions. In addition, The Grounds Group holds a steadily growing residential portfolio as fixed assets. The Grounds Real Estate Development AG is listed in the Düsseldorf Stock Exchange's OTC segment Primärmarkt (ISIN: DE000A2GSVV5), has its seat in Berlin and an office in Stuttgart.