30/06/2014 – Expansion
Today, Merlin Properties floats at 10 Euros per share under the ticker MRL, after having sold 125 million shares for the joint €1.25 billion. The amount is smaller than the originally planned €1.5 billion IPO. If the underwriting banks choose to file for the pre-emptive right execution, the quote will enlarge by another €80 million, that is about 6.8% of the total offering. Credit Suisse, Deutsche Bank, UBS, Ahorro Corporación, Banca March, BBVA, BNP Paribas, Deutsche Bank, N+1 and Société Générale coordinated the flotation.
Spanish investors have subscribed to €400 million in committed funds, one third of the total amount. Half of it comes from individual investors and family offices, whereas the rest from national institutions.
Merlin was set up by asset manager Magic Real Estate and it is the third real estate investment vehicle to become listed on the continuous market, following the steps of Lar and Hispania. Moreover, the flotation turns out to be the largest in the last 3 years. The target of Magic Real State is to call the attention of big-name investors, just like Lar that earned support of Bill Gross and Hispania with George Soros and John Paulson as the prominent investors. At the moment, it can count on such funds as Monarch Master Funding and Chenavari Investment Managers.
Merlin has acquired a portfolio consisting of offices and affiliates of BBVA from Tree Inversiones Inmobiliarias for €740 million.
Original article: Expansión (by R. M. R.)
Translation: AURA REE