Dutch financial market regulator AFM has approved the prospectus of the Griffin Premium RE and forwarded it to its Polish peer KNF, as the real estate company plans to be listed on the Warsaw Stock Exchange. Griffin said it wants to launch IPO in H1 this year.
The company wants to issue new shares worth €30 million as well as sell existing stock owned by current shareholders, controlled by the Oaktree Capital Group investment fund. The free-float is expected to reach 50 percent or more, estimating the IPO value between €130-160 million.The
Griffin Premium RE plans to share 65 percent of operating profits (reduced by costs of bank financing) with shareholders, the statement indicated, and hopes to become the first REIT (Real Estate Investment Trust on the Warsaw Stock Exchange. The Griffin Premium RE portfolio encompasses nine Griffin RE schemes. It’s valued at €500 million, which includes debt financing. The total space of the schemes is around 170,000 sqm of GLA. At end-2016, the net operating income from their lease stood at €34 million.
Griffin said, that every new company’s scheme will be included in the Premium RE portfolio.