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TINC raises €77m, enlists new investors

The €158m Brussels-listed fund owns five wind projects but has also invested in a biotech facility, car parks and cinema projection systems.

The Infrastructure Company has raised €76.7 million through a fully subscribed share issue on the Brussels Stock Exchange.

While about 86 percent of the new shares were bought via preferential rights, the fund said new investors had also contributed to the raise. A little more than 6.8 million shares were issued, at a price of €11.25 per share.

Antwerp-based TINC was initially listed in May 2015, when it raised €110 million through an IPO that was 1.9 times oversubscribed.

At the time, demand from retail investors was more than 2.5 times their reserved portion of 40 percent of the total offering. Belgian retail and institutional investors were the largest participants in the IPO, followed by Dutch and French institutions.

TINC did not disclose whether the breakdown of investors was similar this time around.

TINC currently has a market capitalisation of €158 million. The new shares are set to be admitted to trading on 19 December.

The firm manages a portfolio of 13 assets, mostly located in Belgium with a few also in the Netherlands. These comprise five wind farms (both onshore and offshore), a biotech centre, a car park facility and two solar plants as well as four PPPs in the light rail, road, accommodation and fluvial transport sectors.

The company has also exited two assets: an offshore wind park and a digital cinema projection business.