The public offer of Blue Cedar for listing on the Stock Exchange was exceeded

of Eleni Botas

Yesterday, the second day, according to information from capital.gr, the public offer of the company Blue Cedar Real Estate Investments for its listing on the Athens Stock Exchange was covered. Today, Wednesday, the registration process is completed and the percentage of overcrowding will be calculated.

According to the terms of the public offer, the company will sell to the investing public up to 7,200,000 new shares with a nominal value of 1 euro per share with a sale price from 2.18 euros to 2.45 euros.

The total amount of funds raised will amount to a maximum of 17.64 million euros based on the maximum price of the above range.

The current value of the Blue Cedar portfolio amounts to 100.8 million euros.

The trading of the new shares is expected to start on June 14.

The Company intends to allocate 15 million euros from the raised funds as follows:

8 million euros for the construction of a hotel with a capacity of 117 rooms in a privately owned car park building with declared protected faces on Dimitrakopoulou and Falirou streets in the Makrigianni area of ​​the Municipality of Athens and 7 million euros for the construction of an 18-room private residential building in the settlement of Xifia of the Municipal Unit of Monemvasia.

It is a mixed use project with 59 houses as well as a five star hotel with 33 suites. The houses will have a total built-up area of ​​10,000 sq.m. and the hotel will have an area of ​​1,700 sq.m.

The remaining funds that after the deduction of selling expenses will amount to 1.68 million euros and will be used as working capital of the Company.