Briq rights issue boosts free float, making share more attractive

Briq rights issue boosts free float, making share more attractive

Real estate investment company (REIC) Briq Properties said that its 50 million euro rights issue will considerably boost the company's free-float market capitalization, making the share more attractive to investors.

REICs that are listed on the Athens bourse have low free float levels, harming the shares' liquidity levels and increasing the risk of investors being trapped in an investment that is heavily controlled by basic shareholders.

Briq chairman and key shareholder Theodoris Fessas said the company's free float level will increase to 46.7 percent from 20.7 percent after the completion of the rights issue, which is currently in progress. The basic shareholders will only partially exercise their right to buy new shares, he added.

The subscription period for the two-for-one share sale ends December 12. The new shares are being offered at 2.10 euros each, about the levels they were trading at on the Athens bourse on Thursday.

Briq, which has a market value of 75 million euros, hopes to double the size of its property portfolio from the capital boost to more than 100 million euros.

The company already has its eye on 11 million euros of new property deals and may spend the 50 million euros on new acquisitions in less than a year. Priority is given to commercial assets in Greece, such as office buildings, storage and logistics areas, and mid-sized hotels.


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