rood blauwe elepsis logo Belegger.nl

Vastgoed Terug naar discussie overzicht

Beursgang Merlin Properties (Spanje)

3 Posts
| Omlaag ↓
  1. pim f 14 juni 2014 14:44
    www.bloomberg.com/news/2014-06-13/spa...

    Spanish REIT Aims to Raise $2 Billion in IPO

    Jun 13, 2014

    Merlin Properties SA, a Spanish real estate investment trust, aims to raise about 1.5 billion euros ($2 billion) this month in what would be the largest initial public offering by a European REIT.

    Merlin plans to sell as many as 150 million shares at 10 euros apiece and has received 600 million euros of commitments from investors including Moore Capital Management LLC, according to a prospectus published by the stock market regulator today. Shares will begin trading on June 30 in Madrid.

    Investment in Spain by funds, private-equity firms and other financial-services companies more than doubled to 13.9 billion euros in 2013, according to Irea, a Madrid-based debt-restructuring firm. The country last year reduced tax burdens for REIT investors and Pacific Investment Management Co.’s Bill Gross, Quantum’s George Soros and hedge-fund manager John Paulson have all taken stakes in Spanish REITs over the last several months.

    Merlin, internally managed by former directors of Deutsche Bank AG’s RREEF property company, will be more than double the size of Hispania Activos Inmobiliarios SA and Lar Espana Real Estate Socimi SA, two externally managed Spanish REITs that listed shares this year. Hispania has a market value of about 573 million euros and Lar is valued at 399 million euros.

    Merlin’s IPO is expected to be the largest by a Spanish company since July 2011. The largest initial share sale by a European REIT was made by Retail Estates NV in 1998, according to data compiled by Bloomberg.

    Depending on the IPO’s success, Merlin will buy 100 percent of the share capital of Tree Inversiones Inmobiliarias SA, which owns commercial properties leased to Banco Bilbao Vizcaya Argentaria SA, Spain’s second-largest bank, according to the filing.

    Merlin will invest in other prime commercial real estate assets, primarily in Spain, and may invest in Portuguese properties, according to the document.

    Ismael Clemente will serve as Merlin’s chairman and chief executive officer and Miguel Ollero will be chief financial officer and chief operating officer. Both were directors of RREEF Spain and founded Magic Real Estate, which has 2.8 billion euros of assets under management. David Brush, former head of Europe for Brookfield Property Group, will be Merlin’s chief investment officer.

    Credit Suisse Group AG (CSGN) will coordinate the sale and will be joint book-runner along with UBS AG and Deutsche Bank AG. Freshfields Bruckhaus Deringer LLP will act as legal adviser.

    The 13.9 billion euros invested in Spain last year was more than double the amount in 2012, according to Irea. About 37 percent went to real estate assets and the proportion is expected to increase this year, the firm said.

    Merlin has the option of selling as many as 22.5 million additional shares to meet extra demand, the document showed. That represents 15 percent of the initial size of the offering.
  2. pim f 14 juni 2014 14:48
    online.wsj.com/articles/merlin-proper...

    Merlin Properties Aims to Raise $2 Billion in IPO
    Flotation Would Be Spain's Largest Initial Public Offering Since 2011
    Updated June 13, 2014

    MADRID—A real-estate investment trust, Merlin Properties Socimi SA, said Friday it would sell shares to raise up to €1.5 billion ($2 billion) in what would be Spain's largest initial public offering since 2011.

    Spanish property is becoming increasingly attractive as low interest rates in the U.S. and Europe force investors to search for attractive returns.

    Merlin Properties said it would invest about half the proceeds of the share sale in a company that leases 880 bank branches and five office buildings to Banco Bilbao Vizcaya Argentaria SA, BBVA.MC +0.34% Spain's second-biggest bank by market value. That arrangement would "enable shareholders to immediately benefit from the cash flows generated from this portfolio," the company said.

    Merlin said it would invest the rest of the capital in offices, shopping centers, logistic facilities and hotels in Spain, and look at assets in Portugal.

    If investors buy €1.5 billion of Merlin's shares, it would be the biggest initial public offering in Spain since Bankia SA BKIA.MC +0.81% went public in July 2011, according to data provider Dealogic. It would also be the largest flotation on record of a real-estate investment trust, or REIT, in Europe, according to Dealogic.

    Bankia, which was formed in 2010 from the merger of seven troubled savings banks, was nationalized by the Spanish government in 2012 as mounting losses on real-estate-related loans threatened to bankrupt the lender.

    Investors are now being drawn to Spain by house prices, which that plummeted amid the country's real-estate crash, as Bankia and other lenders try to shed foreclosures and other bad debts.

    Merlin's structure is known by its Spanish acronym Socimi, the equivalent of a REIT.

    The Spanish government paved the way for the formation of a REIT industry in January last year by abolishing corporate taxes for companies with the REIT structure. REITs don't pay corporate income taxes as long as they distribute most of their income as dividends.

    Two Spanish REITs, Hispania Activos Inmobiliarios SA HIS.MC +0.05% and Lar España Real Estate Socimi SA, LRE.MC -0.30% went public this year.

    Merlin is run by Ismael Clemente and Miguel Ollero, two former executives of Deutsche Bank AG DBK.XE -0.16% 's real estate unit in Spain, and David Brush, formerly head of European real estate for Brookfield Asset Management.
  3. pim f 14 juni 2014 14:52
    quote:

    pim f schreef op 14 juni 2014 14:48:

    Two Spanish REITs, Hispania Activos Inmobiliarios SA HIS.MC +0.05% and Lar España Real Estate Socimi SA, LRE.MC -0.30% went public this year.
    Als je deze twee voorgangers bekijkt, is het rendement nogal mager...

    En uw medebeleggers zijn niet erg enthousiast
    www.iex.nl/Nieuws/ANP_ANP-130614-356/...
3 Posts
|Omhoog ↑

Neem deel aan de discussie

Word nu gratis lid van Belegger.nl

Al abonnee? Log in

Direct naar Forum

Zoek alfabetisch op forum

  1. A
  2. B
  3. C
  4. D
  5. E
  6. F
  7. G
  8. H
  9. I
  10. J
  11. K
  12. L
  13. M
  14. N
  15. O
  16. P
  17. Q
  18. R
  19. S
  20. T
  21. U
  22. V
  23. W
  24. X
  25. Y
  26. Z
Forum # Topics # Posts
Aalberts 466 7.102
AB InBev 2 5.529
Abionyx Pharma 2 29
Ablynx 43 13.356
ABN AMRO 1.582 51.950
ABO-Group 1 22
Acacia Pharma 9 24.692
Accell Group 151 4.132
Accentis 2 267
Accsys Technologies 23 10.807
ACCSYS TECHNOLOGIES PLC 218 11.686
Ackermans & van Haaren 1 192
Adecco 1 1
ADMA Biologics 1 34
Adomos 1 126
AdUX 2 457
Adyen 14 17.782
Aedifica 3 925
Aegon 3.258 323.007
AFC Ajax 538 7.088
Affimed NV 2 6.302
ageas 5.844 109.897
Agfa-Gevaert 14 2.062
Ahold 3.538 74.345
Air France - KLM 1.025 35.250
AIRBUS 1 12
Airspray 511 1.258
Akka Technologies 1 18
AkzoNobel 467 13.048
Alfen 16 25.105
Allfunds Group 4 1.514
Almunda Professionals (vh Novisource) 651 4.251
Alpha Pro Tech 1 17
Alphabet Inc. 1 409
Altice 106 51.198
Alumexx ((Voorheen Phelix (voorheen Inverko)) 8.486 114.826
AM 228 684
Amarin Corporation 1 133
Amerikaanse aandelen 3.837 243.631
AMG 971 134.099
AMS 3 73
Amsterdam Commodities 305 6.740
AMT Holding 199 7.047
Anavex Life Sciences Corp 2 491
Antonov 22.632 153.605
Aperam 92 15.031
Apollo Alternative Assets 1 17
Apple 5 384
Arcadis 252 8.789
Arcelor Mittal 2.034 320.895
Archos 1 1
Arcona Property Fund 1 286
arGEN-X 17 10.342
Aroundtown SA 1 221
Arrowhead Research 5 9.750
Ascencio 1 28
ASIT biotech 2 697
ASMI 4.108 39.564
ASML 1.766 109.555
ASR Nederland 21 4.505
ATAI Life Sciences 1 7
Atenor Group 1 522
Athlon Group 121 176
Atrium European Real Estate 2 199
Auplata 1 55
Avantium 32 13.735
Axsome Therapeutics 1 177
Azelis Group 1 66
Azerion 7 3.439