Brussels, 27 November 2020
On 26 November, real estate company Inclusio announced its IPO on Euronext Brussels as REIT. Clairfield Belgium and Walkiers & Wauthier successfully support Inclusio as financial advisor and fairness opinion provider in the IPO preparation process.
Inclusio is a Belgian real estate company offering high-quality homes to vulnerable groups at affordable rent and for the long-term. The majority of the buildings are rented to social renting agencies, ensuring affordable housing to people in need. Furthermore, in the development of its projects, Inclusio also focuses on infrastructure adapted to disabled people and on ‘social infrastructure’, including schools, daycare, reception centres for asylum seekers,…
On 26 November, Inclusio announced its IPO on Euronext Brussels. The company wants to raise 60 million EUR to further develop its activities and offers, as such, an answer to the increasing demand of investors to invest in socially relevant projects.
In the preparation to the IPO Clairfield Belgium and Walkiers & Wauthier were appointed as financial advisor and fairness opinion provider. In that role, they reviewed and optimized the appointment of the joint global coordinator Belfius and advised the company on among others the equity story, positioning of Inclusio and the capital structure (institutional vs retail investors). Both companies also provided input on the valuation and IPO pricing process, including the price range and the final issue price, based on the chosen structure and equity story.
Hans Buysse, Partner at Clairfield Belgium, and Pierre Walkiers, Partner at Walkiers & Wauthier: “We are glad that we could contribute to the IPO of Inclusio as a new Belgian REIT, which is the first such IPO since 2015. On top of that, we are proud we could support a company with such high social impact combined with a reasonable return on investment.”