{"id":3766,"date":"2019-12-19T15:20:28","date_gmt":"2019-12-19T14:20:28","guid":{"rendered":"https:\/\/bohogroup.com\/preff"},"modified":"2025-05-27T09:49:11","modified_gmt":"2025-05-27T07:49:11","slug":"preff","status":"publish","type":"page","link":"https:\/\/bohogroup.com\/en\/preff","title":{"rendered":"Preff"},"content":{"rendered":"\n
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\n \n Rights issue of preference shares <\/span>\n\n \n \n with 10.5% direct return <\/span>\n <\/h1>\n<\/div>\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n
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\n \n Quartiers Properties is carrying out a rights issue of approximately SEK 25.5 million by issuing new preference shares at a subscription price of SEK 9.15 per share, corresponding to a yield of around 10.5%. <\/span>\n\n \n \n <\/span>\n <\/h3>\n<\/div>\n\n\n
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The Board of Quartiers Properties AB (publ) (\u2018Quartiers Properties\u2019 or \u2018the Company\u2019) has taken the decision to carry out a new share issue, with preferential rights for existing shareholders (irrespective of share class) of up to 2,786,875 preference shares. In the event of full subscription this would generate total issue proceeds of approximately SEK 25.5 million (\u2018the Rights Issue\u2019). The Rights Issue is intended to finance investment relating to Boho Club.<\/strong><\/p>

Subscription for preference shares will be based on subscription rights. The right to receive rights to subscribe for preference shares will fall to those who are registered as shareholders at the record date; they will be allocated subscription rights in relation to their shareholding at the record date. Each existing share (irrespective of share class) entitles the holder to one (1) subscription right. Twenty (20) subscription rights entitle the holder to subscribe for one (1) new preference share.<\/p> <\/div>\n<\/div>\n\n

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\n \n Background and reason <\/span>\n\n \n \n <\/span>\n <\/h3>\n<\/div>\n\n\n
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Quartiers Properties develops and improves properties on Spain\u2019s Costa del Sol with a focus on the area around Marbella. In the property development segment the Company markets and sells apartments and villas with an emphasis on the premium segment. In the property refinement segment the Company develops properties through refurbishment, concept design and market launch with a focus on creating value growth in the property portfolio. Quartiers Properties currently has two primary properties in this segment; Boho Club and Quartiers Apartment Hotel in Benahav\u00eds. Quartiers Properties has generated value growth of almost 100 percent in its apartment complex in Benahav\u00eds since it was acquired in 2016. Over the course of 2019 Boho Club has been refurbished, the restaurant has opened and the will hotel will also open by the end of the year.\u00a0<\/span><\/p>

The Company\u2019s increase in the number of actively managed and cash flow-generating properties in the portfolio has boosted interest among international operators in refinancing the Company on terms that Quartiers Properties finds attractive. The Company has therefore begun a refinancing process with JLL\u2019s London-based specialist hotel department with the aim of completing refinancing in the first half of 2020, thereby freeing up capital both immediately and on an ongoing basis as a result of higher LTV, a lower cost of capital and longer-term repayment terms. See the press release of 3 December 2019.\u00a0<\/span><\/p>

Proceeds from the Rights Issue are intended to be used as follows:<\/span><\/h4>