Dundee International, the Germany-focused Canadian REIT, is raising up to C$143.9m (€109m) through an equity offering to fund future acquisitions.
A syndicate of underwriters led by TC Securities is buying 11.7m units in Dundee International at C$10.70 per unit which would raise C$125.19m. The underwriters also have an option t o1.7m additional units which would increase the sum raised to almost C$144m.
The deal is expected to close on 6 June.
Dundee International REIT has bought about C$777.20m of property so far this year. The acquisitions include 1.5m sq ft of property bought from SEB. The REIT is currently in due diligence on a further €269.3m -worth of property in Munich, Stuttgart, Dusseldorf and Hamburg.
These deals include exclusive negotiations on property in Munich and Stuttgart on assets that have a combined area of 408,000 sq ft (37,904m2) for which Dundee expects to pay €94.84m and which will be acquired on a cap rate of 6.6%.
