May 3, 2018 / 4:14 PM / a year ago

Vonovia launches capital increase to fund Victoria Park buy

BERLIN (Reuters) - Real estate company Vonovia (VNAn.DE) has launched a cash capital increase to raise proceeds of 1 billion euros ($1.20 billion) to fund its planned takeover of Sweden’s Victoria Park AB (VICPA.ST) , it said on Thursday.

Vonovia earlier made a $1.08 billion cash offer for Victoria Park, outbidding Starwood Capital Group and stoking the scramble for assets in Europe’s hot property market.

The new shares will be offered to institutional investors via a private placement in an accelerated bookbuilding process and Vonovia said it would announce the placement price and number of shares to be issued later.

($1 = 0.8357 euros)

Reporting by Victoria Bryan; Editing by Alexandra Hudson

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