German listed property company, IVG Immobilien, has generated some EUR 87 mln from the placement of 12.6 million ordinary bearer shares with investors as part of an accelerated bookbuilding process. The offering was substantially oversubscribed, the company said in a press release.

The Bonn-based company aims to spend about two thirds of the proceeds to restructure and improve the company’s bank debt maturity profile. The remaining funds will go towards the financing of Squaire Parking, an add-on investment to its Squaire project at Frankfurt airport.

Deutsche Bank and UB acted as joint lead managers and joint bookrunners for the transaction.

IVG Immobilien AG is one of the leading real estate companies in Europe with assets under management of some EUR 22 bn.