Varia US Properties AG raised gross proceeds of CHF20.6 million via the issuance of 542,105 new registered shares at CHF38 per share, each with a nominal value of CHF1.00.

The issuance was completely subscribed by Wolf Property Holding, a Luxembourg-based investment vehicle, raising its share in Varia to 7.52% and making it the company's second-largest shareholder.

The company has the option to increase the share capital by issuing a maximum of 665,871 registered shares at market price without subscription rights until Nov. 13, 2018.

Varia intends to use the proceeds from the offering to further enhance its U.S. portfolio.

Engelwood Global Services will assist the company with the implementation of the transaction.