Latsco Hellenic Holdings (the family office of Marianna Latsi) and Orasis (the fund of George Elliott) will invest about 25 million euros in Dimand as cornerstone investors, acquiring a total of 8.92% of the company after the increase of share capital and while the company will now be listed on the Stock Exchange.
According to the Prospectus approved yesterday by the Hellenic Capital Market Commission, after the completion of the public offering, the two cornerstone investors, Latsco and Orasis will invest 15 million and 10 million euros, respectively, acquiring a percentage of 5.35 % and 3.57% of the share capital of Dimand. This covers a quarter of the share capital increases.
Based on the main scenario, after the share capital increase and the participation of cornerstone investors, the shareholding structure of Dimand will be as follows: Dimitris Andriopoulos, major shareholder, will hold 55.25% instead of the current 63.75%, Panagiotis Panagiotidis will participate with 6.5% from 7.5%, the percentage of Nikolaos Dimtsas will be 3.25% from 3.75%, the family office of Marianna Latsi will hold 5.35%, Orasis 3 , 57%, 1.74% will be held by company staff and 24.34% will be made available to the investing public.
As part of its listing on the ATHEX, the company will issue 6,538,100 new shares. Of the aforementioned shares, as announced yesterday, 6,213.00 will be offered through a public offering and 325,000 through a private placement
Dimand shares will be traded on the board starting July 6.
Where the funds to be raised will be directed
Dimand’s total net income, after deducting its estimated issue costs, is set at € 93 million. Of these:
– EUR 50.89 million will be allocated for the repayment of a mutual account between Dimand and Eurobank
– EUR 28 million will be used to finance the existing real estate development program (including the signed notarial pre-agreements for the purchase of real estate)
– 13.83 million euros will be allocated to finance the acquisition of new real estate.- 7.6 million will be used to finance ten existing projects.
Portfolio with 23 projects
The total portfolio developed and managed by the group includes 15 ongoing investment projects with a total gross development value (GDV) at completion of approximately 497.6 million euros and which are in various stages of development.
Of this amount, approximately € 210.1 million relates to office buildings, € 233.3 million to mixed-use buildings, € 26.3 million to hotels, and € 27.9 million to residential development and furnished apartments.
The firm also plans to develop 8 additional investment projects, for 5 of which a notarized pre-agreement for the acquisition of real estate is in force.
Expanding to RES
In addition, Dimand has decided to expand its activity in the field of renewable energy projects, with the management noting that it can complement the main activity of the company, in the sense that the energy produced can directly power properties under development, improving their energy footprint.
Already, from July 2021, the firm signed a long-term lease agreement with the National Bank for the lease of a 400-acre property in Galatista, Halkidiki, and has started actions to obtain a power generation license with a total power output of 36MW from photovoltaic components.
Leader in green buildings
The group has been a pioneer in the development of certified green building projects, with the development of the first LEED building in Greece in 2013 (Karela office building complex), while it holds the highest share in this category in the Greek market, either as a development company, project manager, or manufacturer
More specifically, according to the USGBC official data, there are 30 certified buildings in Greece in the aforementioned categories, of which 9 have been developed by Dimand, 2 have been constructed by Dimand, while in one Dimand provided project management services. It follows from the above that the Group has been active in the development of 40% of such domestic certified projects.
At the same time, aiming not only at certification but also at increased quality, all the Group’s projects are at least Gold level and in addition it has in its assets two completed Platinum level projects (one through development services and one through management services).