VNA Vonovia SE

   By Mauro Orru 
 

Vonovia SE said Thursday that it has launched a cash capital increase through accelerated bookbuilding, with a target of around 1 billion euros ($1.19 billion).

The German real-estate company said net proceeds would be used to repay debt due in the fourth quarter of the year, with remaining funds going toward growth opportunities.

The company said its management board would determine the final number of shares to be issued after the accelerated bookbuilding process.

Vonovia expects the new shares will be admitted to trading without a prospectus on Sept. 11, it said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

September 03, 2020 12:13 ET (16:13 GMT)

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