By Olivia Bugault

Vonovia SE said late Thursday that it has issued 17 million new ordinary shares at 59 euros ($69.94) a share as part of its capital increase announced earlier the same day.

The shares, placed in a private placement with institutional investors, should generate roughly EUR1 billion in gross proceeds, the German real-estate company said.

Vonovia said net proceeds would be used to repay debt due in the fourth quarter of the year, with remaining funds going toward growth opportunities.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

September 04, 2020 01:32 ET (05:32 GMT)

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