20:50 28 April 2022
Apsys strengthens its equity base by €150 mln to finance its growth in France and Poland
Apsys announced that funds managed by Apollo, as part of its European Principal Finance business, have agreed to subscribe to undated subordinated notes for €150 million.
Apsys is a family-owned, development driven, property company active in France and Poland, with a portfolio of assets worth €2.2 billion (economic share) at the end of 2021.
European Principal Finance is an opportunistic credit and real-estate focused strategy and high-growth franchise of funds of Apollo, a leading global alternative asset manager with approximately USD 498 billion in assets under management (as of 31 December 2021).
Following the issue of the undated subordinated notes, Apsys’ IFRS equity exceeds €875 million and its cash position exceeds €280 million (excluding undrawn credit lines). The loan to value ratio (LTV) is down to 47,7% and will be managed sustainably around a 50 percent target.
The issue will be subscribed in May 2022. The proceeds of this issue will be used to finance Apsys' growth in France and Poland and to reduce leverage in line with the Group's strategy of developing its portfolio of iconic assets with its development pipeline, while maintaining a solid financial profile.
(WBJ)
