BENO Holding AG, which specialises in operational light industrial real estate, has specified the terms of the cash capital increase from Authorised Capital 2025/I announced on 13 October 2026. The company's share capital is set to increase from currently EUR 3,386,790 to up to EUR 4,060,978 through the issuance of up to 674,188 new bearer shares with no-par value. At a subscription price of EUR 6.50 per share, full placement would generate gross issue proceeds of around EUR 4.38 million, representing expected net proceeds of approximately EUR 4.23 million.
Existing shareholders will have the opportunity to acquire new shares at a subscription ratio of 5:1. Every five existing shares will therefore entitle the holder to subscribe for one new share. The subscription period begins on 26 October 2026 and ends on 9 November 2026, with ODDO BHF SE, based in Frankfurt am Main, acting as subscription agent. To be eligible to participate, investors had to purchase the shares via the stock exchange by 23 October 2026 at the latest. There will be no separate trading of subscription rights, and unexercised rights will expire without compensation.
Discount to Net Asset Value and Strategic Use of Proceeds
The subscription price set at EUR 6.50 reflects a significant difference compared to the company's balance sheet asset values. As at the reporting date of 31 December 2025, book equity stood at approximately EUR 10.04 per share, meaning the offer carries an implied discount of around 35 per cent. The new shares carry full dividend rights from 1 January 2026 and will be delivered following registration of the capital increase in the commercial register. Alongside the regular subscription, an oversubscription option is available, whilst remaining unplaced shares can be allocated to selected investors via a private placement.
The incoming funds are intended entirely for ongoing business operations and the further expansion of the portfolio. In addition to targeted acquisitions of commercial properties, plans include investments in photovoltaic systems and a sustainable strengthening of the balance sheet equity ratio. In the view of the management board, attractive entry conditions currently exist in the German market, as high-quality existing buildings can often be acquired noticeably below the construction costs of new developments.
Scaling Through Digital Processes and Recent Transactions
BENO management board member Michael Bussmann points out that, alongside portfolio development, the company has established comprehensive expertise in digital twins and AI-supported control tools in recent years. These tools are firmly integrated into operating procedures, enabling even small-scale portfolios to be managed efficiently. The additional equity now forms the foundation for more pronounced portfolio growth.
The measure follows a series of previous transactions. Over the past twelve months or so, BENO completed five real estate financings with a total value of approximately EUR 28 million, accompanied by four refinancings that released around EUR 16 million in free liquidity. The current expansion phase was initiated in August 2026 with the purchase of a property in Roth near Nuremberg, which was secured at 8.6 times the annual net cold rent.
