White & Case advises Deutsche Bank on €316 million rights issue of Deutsche EuroShop
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Global law firm White & Case LLP has advised Deutsche Bank Aktiengesellschaft on the rights issue of Deutsche EuroShop AG against contributions in cash and in-kind of up to €316 million.
The share capital of Deutsche EuroShop shall be increased by issuing up to 14,710,375 new shares at a subscription ratio of 21:5 (21 existing shares to 5 new shares) and a subscription price of €21.50 per new share.
The rights issue will be carried out in connection with the acquisition of further interests in shopping centers. New shares subscribed during the subscription offer will only be issued against contributions in cash. Any unsubscribed shares will be placed only against contributions in kind to the sellers of interests in shopping centers against the contribution of purchase price receivables from such sales. The transaction aims to strengthen Deutsche EuroShop’s financial profile, increase its ability to pay dividends in the future and its flexibility to optimize its portfolio structure.
Based in Hamburg, Deutsche EuroShop solely invests in shopping centers and currently has investments in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary.
The White & Case team in Frankfurt which advised on the transaction was led by partners Thilo Diehl and Rebecca Emory and included partners Gernot Wagner, Andreas Lischka and Bodo Bender, counsel David Santoro and associates Timo Lockemann, Lina Fiedler and Marie-Christin Frowerk.
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