AVW Immobilien AG issued a corporate bond of EUR 50 million. The stock corporation was advised by a team led by capital market law expert Dr. Thorsten Kuthe, Partner at the Cologne office of commercial law firm Heuking Kühn Lüer Wojtek.
The bond's subscription period started on December 1, 2012. The company intends to expand its operative business, particularly the development of real estate projects. The team led by Kuthe had already advised the company's wholly-owned subsidiary, AVW Grund AG, on issuing an SME bond in 2011.
AVW Immobilien AG had issued a base prospectus allowing it to issue several bonds within a scope of up to EUR 180 million. The issuer intends to use this option in whole or in part within the next 12 months, depending on the arising opportunities. The individual tranches may be designed differently and it is the intention to use them to finance the significant project pipeline. A first bond of up to EUR 50 million was now issued. The issuer expects to decide within the coming year whether the additional options within the scope will be used by issuing additional bonds.
Publicly traded AVW Immobilien AG (German securities code WKN 508890), based in Hamburg, has been working in the real estate industry for 35 years and has realized 130 properties with a total volume in excess of EUR 1 billion mainly in the commercial sector in Northern Germany since 1978. AVW's business operations primarily comprise the development and sale of real estate properties, the construction of buildings and construction supervision, real estate management and portfolio holding (management of own properties).
AVW's development and construction activities are focusing on shopping centers, specialty stores and supermarkets, but also on senior citizen real estate, office buildings, authorities and hotels.
Counsel to AVW Immobilien AG
Heuking Kühn Lüer Wojtek, Cologne:
Dr. Thorsten Kuthe,
Sarah Winkel, LL.M.,
Kristian Franz (all Capital Markets),
Susanne Christine Schmitz (both Real Estate, Construction, Public Procurement).