German property company DIC Asset said its share capital has increased from EUR 39 mln to EUR 46 mln following a capital increase last week which was more than five times oversubscribed and generated total proceeds of over EUR 52 mln. Shareholders in the Frankfurt-based company subscribed to all 6.5 million shares issued under the rights issue carried out in March 2011, and exercised their right to oversubscribe.

Just 803,287 shares were available for additional subscrip­tions (approximately 12% of the total), and faced oversubscription orders for a total of 27.5 million shares. 'The multiple oversubscription of this capital increase again is strong evidence of our investors' sustained high level of trust,' said CEO Ulrich Höller. 'The funds raised have further strengthened our financial position. On this basis, we can take the next steps for growth quickly and flexibly.'

DIC Asset plans to use the proceeds to create additional financial headroom and for further acquisition opportunities.

The 6.5 million new shares were offered to shareholders for subscription at a price of EUR 8, with a subscription ratio of one new share for each six shares held. Commerzbank and Berenberg Bank acted as joint lead managers.