Gateway intends to place shares by mid-year
Gateway Real Estate confirms that they are striving for a listing in the Prime Standard of the Frankfurt exchange by mid-year. New and existing shares are to be placed for the purpose. For the new shares, the base capital will be raised by 10 %, the number of existing shares of the majority shareholder to be offered has not yet been determined. Originally, Gateway had intended to conduct a capital measure in late 2018 to increase the free float from less than 10 to at least 25 %, which is a requirement for acceptance in the Prime Standard. However, that plan was cancelled in early November. The currently planned private placement is supported by Credit Suisse, Société Générale, and Quirin Privatbank. Gateway had taken over Development Partner last year and currently has 41 projects with an estimated gross development volume of €3.7bn in the pipeline.
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