Infracore, a Swiss real estate company specialised in hospital and healthcare infrastructure, has listed its shares on SIX Swiss Exchange following its IPO. At an opening price of CHF54.00 per share, the resulting market capitalisation of Infracore was around CHF826m (US$1.02bn).
The IPO included 3,703,703 newly issued registered shares and 505,500 existing registered shares. In addition, an over-allotment option of up to 420,920 existing registered shares was made available. Including the over-allotment option, the total placement volume amounts to approximately CHF250m. Infracore will raise gross proceeds of approximately CHF200m through the issuance of the newly issued shares.
The issued and outstanding share capital of Infracore following the IPO consists of 15,296,296 registered shares.
Founded in 1997, Infracore owns, develops and manages a healthcare real estate portfolio valued at approximately CHF1.4bn, comprising 47 high-quality properties across 19 prime locations in Switzerland. The IPO establishes a solid foundation for future initiatives and a strengthened market position. The majority of the proceeds will do towards funding a sale-and-leaseback pipeline in the near future and to repay shareholder loans of approximately CHF55.2m.
Medical Properties Trust (MPT), a US-based publicly traded real estate investment trust (REIT), owned a 70% non-controlling interest of Infracare prior to the IPO. The per share price of the initial listing is approximately 5% higher than MPT’s pro rata carrying value.
MPT sold approximately 500,000 of its Infracore shares in the offering and an additional 400,000 shares in the over-allotment option, for total proceeds to MPT of approximately CHF50m. Further, MPT expects to receive an additional CHF74m from Infracore in the third quarter to repay outstanding shareholder loans and the 2025 dividend.
Assuming full exercise of the overallotment option, the offering will reduce MPT’s ownership in Infracore from 70% to approximately 47% (49.9% if the over-allotment option is not exercised). MPT intends to use the proceeds to repay debt and for other general corporate purposes.
Aevis Victoria, a Switzerland-based investor in healthcare, hospitality & lifestyle and infrastructure held 30% of Infracore. Aevis retained its entire shareholding in Infracore to support the company in its next phase of development. Following the IPO capital increase, Aevis’ stake in Infracore is reduced to 22.6%.
Zürcher Kantonalbank and Citigroup acted as joint global coordinators and joint bookrunners, alongside Baader Bank as joint bookrunner, with Swiss Finance & Property serving as co-manager, Octavian as selling agent. Rothschild & Co acting as financial advisor to Aevis.
Infracore shares are currently quoted CHF54.00.
Press release: Infracore Goes Public on SIX Swiss Exchange
