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Vastgoed « Terug naar discussie overzicht

Beursgang Merlin Properties (Spanje)

3 Posts

Omlaag ↓

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.

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.

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

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