ESPG AG launches exchange offer for outstanding 2018/2023 bonds

• Exchange offer for bond 2018/2023 with attractive conditions
• New bond has a term of three years and bears interest at 9.5 % p.a.
• Term of the exchange offer from 13 June to 30 June 2023
• Strong 2022 business figures confirm good operational development
• Significant progress in optimising the financing structure with reduction of LTV and repayment of debt capital
• Attractive growth prospects as a specialist for Science Parks

Cologne, June 12, 2023. The executive board of the European Science Park Group (“ESPG AG” or the “Company”), with the approval of the supervisory board of ESPG AG, has decided to launch a public voluntary exchange off for its outstanding bond 2018/2023 (ISIN: DE000A2NBY22) and issue a new unsecured bond (ISIN: DE000A351VD7) with a volume of up to Euro 46.626 million. Under the public exchange offer, holders of the outstanding bond can exchange their bonds for the new bond at a ratio of 1 to 1. The new bonds will have a term of three years (bond 2023/2026) and bear interest of 9.50% p.a. The public exchange offer is made exclusively at investors with holdings of at least Euro 100,000.00 per investor.

Ralf Nöcker, Board member of ESPG AG: “Our business model as an investor into science parks and areas of innovation is very robust even in a challenging market environment. Our segments Life Science, Climate Tech and Digitalization technologies are developing very well. The 2022 financial year was a great success from both a strategic and an operational perspective. With earnings before taxes of 3.6 million euros ESPG is clearly in the profit zone. In addition, we have made great progress with our financing structure. With the reduction of our LTV to 56.6 percent and further planned debt repayments, we have gained further strength. Since April 2022, ESPG has received capital commitments of Euro 15.9m from its new shareholders. We want to now build on this strength and exchange our maturing bond for a longer-dated financing at attractive terms. The objective remains to develop ESPG into a market leader for science parks in Europe.”

The public exchange offer, which is expected to be published on the Company's website at www.espg.space/investor_relations/ today, will commence on 13 June 2023, and is current scheduled to run until 30 June 30, 2023, 6:00 p.m. (CEST). Like the 2018/2023 bond, the 2023/2026 bond is to be included in the Regulated Unofficial Market of the Frankfurt Stock Exchange.

An Investor Call is scheduled for Thursday 15 June at 15:00 CET, and dial-in and registration details will be made available shortly via the company’s website.

Existing bondholders who wish to exchange their 2018/2023 bond can submit binding exchange offers via their custodian bank within the exchange period using the form provided by the custodian bank. The exchange agent is Quirin Privatbank AG, Frankfurt am Main, Germany.

Markus Drews, Board Member of ESPG AG: “We had a very strong operational development in the 2022 financial year and have continued to achieve leasing-up and extension success with exciting science tenants in all areas of research. I am pleased that with the exchange offer we are giving our existing bondholders the opportunity to continue to grow with us and to benefit from the good prospects for Science Parks. The exchange enables us to smooth the maturity structure of the debt capital and increases our flexibility to continue the growth course.”

About ESPG
The European Science Park Group (ESPG) is a real estate company specialising in science parks. The company focuses on the development of science parks, predominantly characterised by tenants from future-oriented industries such as life sciences, green technologies or digital transformation, which benefit from the proximity to each other and the direct vicinity to universities, hospitals or research locations. ESPG’s portfolio already includes 16 science parks across Europe with a total area of 126,000 square metres and a balance sheet value of around 244 million euros. The sites are generally located outside metropolitan areas, in areas that are considered science clusters or have a high concentration of innovative companies.

Press contact:
Jan Hutterer
T +49 40 60 91 86 65
M +49 172 346 28 31
espg@kirchhoff.de