(Bloomberg) -- Merlin Properties Socimi SA has raised €921 million ($998 million) in new capital to fund the expansion of its data center business.
The Spanish real estate company will issue 94 million new shares through an accelerated book-building at €9.8 per share, it said in a regulatory filing. That is a 4.7% discount compared with the closing price of Tuesday.
Merlin declined 1.75% to €10.10 per share in Madrid trading on Wednesday. The company has a market capitalization of about €4.7 billion.
The company’s two top shareholders, Banco Santander SA and Nortia Capital, as well as company officials including Chief Executive Officer Ismael Clemente, have participated in the offering to maintain their current stakes.
Merlin currently has data centers in cities including Madrid, Bilbao and Barcelona, according to its website. The company also owns 105 office buildings, 95 logistics warehouses and 12 shopping centers in Spain and Portugal.
Goldman Sachs and Morgan Stanley have acted as joint global coordinators for the capital increase.
(Updates with amount raised in first paragraph, shares in third paragraph.)
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