Erwe: Turbulence at the exchange hampers capital increase
Erwe Immobilien has realized only a small portion of its cash capital increase, hindered by a difficult capital market environment. Of up to 20.3 million new shares, 6.4 million were bought or placed at €2.85 each, so the company is gaining €18.24mn (gross) – hardly more than the €15.5mn existing shareholders had agreed to subscribe. Erwe had intended to collect at least €30mn for buying office, hotel, and retail properties. The company’s base capital has now been increased from €10.2mn to €16.6mn. At the end of the year, the balance sheet shows equity of about €50mn with a balance sheet total of about €130mn.
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