Clifford Chance

Clifford Chance Advises on Atenor's Successful €181.6 Million Capital Increase

Clifford Chance has advised Belfius Bank NV/SA (in cooperation with Kepler Cheuvreux SA), Banque Degroof Petercam NV/SA and KBC Securities NV who acted as Joint Global Coordinators and Joint Bookrunners in the €181.6 million capital increase of Atenor, a leading real estate development company. The transaction, comprising a rights issue and a top-up capital increase, garnered robust support from both existing shareholders and new investors.

The rights issue saw existing shareholders and new investors subscribe for 100% of the offered shares, totalling €160.9 million. Additionally, pre-committed investors, including Midelco SA/NV and Vandewiele Group SA/NV, subscribed for top-up shares in the top-up capital increase for an amount of €20.7 million.

The closing of the transaction and the issuance and delivery of the new shares are scheduled for November 30, 2023, with the new shares expected to be admitted to trading on the regulated market of Euronext Brussels from the same date onwards.

The multijurisdictional team was led by partner Niek De Pauw (Brussels), together with counsel Valérie Demeur (Brussels) and associates Céline Feys (Brussels) and Chloé Petit (Brussels), as well as counsel Olivier Plessis (Paris) and associate Garo Yaghsezian (Paris) advising on US securities law matters. Legal project management in this project has been provided by the regional team for Continental Europe, Aleksandra Dziemaszkiewicz-Kwiecinska and Ivannia Méndez.

With this transaction, Clifford Chance continues its successful run in Belgian equity capital markets, including over the last six months advising on Aedifica's €380 million capital increase, Shurgard's €300 million capital increase, Cofinimmo's €167 million capital increase, Montea's €126 million capital increase, and Home Invest's €27 million capital increase.