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Warehouse owner PointPark Properties to float in London
Warehouse owner and developer PointPark Properties plans to list its shares on the London Stock Exchange, to raise 250 million pounds ($401 million) to help fund the purchase of a property portfolio and reduce debt.After months of inactivity in the European initial public offering (IPO) market, improved market sentiment has seen several companies kick off share sales over the last month.
PointPark, which has 46 warehouse properties across Europe, said it would use the proceeds of its offering towards the purchase of a 760.1 million euro ($985.7 million) property portfolio owned by Bahraini bank Arcapita and funds it manages.
The rest of the acquisition will be funded by issuing Arcapita with a 15 percent equity stake in PointPark, also known as P3, it said in a statement.
The company said money raised from the offering, being run by Credit Suisse and Deutsche Bank, would also be used to reduce the debt attached to this portfolio as well as to fund future growth.(Reuters)
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