Befimmo in Rights Offering
June 3, 2009
Cleary Gottlieb is representing the underwriters (Credit Suisse, Fortis Bank, ING, KBC and Dexia) in the €170m rights issue of Befimmo, a Belgian SICAFI. SICAFIs are listed real estate investment vehicles comparable to the U.S. REITs. The transaction, which priced and launched on June 3, is the first marketed equity offering in Belgium since the primary equity markets effectively closed as a result of the financial crisis. Cleary Gottlieb also represented the underwriters in a previous rights offering of Befimmo in 2007.