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[Alpha Biz=(Chicago) Reporter Kim Jisun] Mirae Asset Global REITs, which is seeking to increase its paid-in capital, faced a large-scale subscription shortfall amid the neglect of existing shareholders.
Judging that it will be difficult to raise funds at the planned level, the company has launched a review to acquire only part of it by changing its plan to buy the entire stake in the U.S. logistics center.
According to the investment banking industry and Mirae Asset Global REITs on the 22nd, Mirae Asset Global REITs is seeking to change its route to buy only a portion of the Houston Logistics Center in the U.S.
The current owner of the logistics center is a private equity fund (PEF) of Mirae Asset Asset Management. The two sides set the total selling price at about 250 billion won and planned to close the deal on the 30th of this month.
Mirae Asset Global REITs planned to raise more than 100 billion won by adding 40 billion won to up to 68 billion won in paid-in capital increase and take over about 150 billion won in mortgage loans held at the logistics center to complete the acquisition. The 40 billion won borrowing ended with an annual interest rate of 7% from LB Asset Management last month.
However, as the paid-in capital increase was expected to perform lower than expected, it was inevitable to revise the entire acquisition plan internally. Mirae Asset Global REITs lowered its issuance price once due to the recent fall in stock prices, and its funds to be raised with bequests had also been reduced by up to 57 billion won.
On top of that, analysts say that it will not be easy to raise overall funds as the subscription rate was low at 28.96% in the subscription for old shareholders, which ended on the 16th.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
