Dutch property firm to launch Warsaw IPO

Dutch property firm to launch Warsaw IPO

Published: October 1, 2013

Meridian Properties will use listing to expand Central European business.   

Meridian Properties, a Dutch real-estate investment company that focuses on emerging Europe, has launched a €170mn (US$230mn) IPO with the intention of listing on the Warsaw Stock Exchange. Funds will be used to expand its portfolio, which already comprises properties in Poland, the Czech Republic, Hungary Romania and Bulgaria.

The initial offering comprises 18mn shares at €0.10 each, and will be aimed at Polish professional and international institutional investors. Citi is to act as sole global coordinator and bookrunner, with Erste Group, Raiffeisen Bank International and Alpha Bank acting as co-lead managers. Trading is set to begin on October 24.

The European Bank of Reconstruction and Development plans to buy up to €23mn-worth of shares in the company, according to the prospectus, giving it a stake of around 5%.

A quiet year for the Polish IPO market is coming to life entering the fourth quarter. PKP Cargo, the country’s largest rail cargo operator and the second largest in the European Union, is set to launch an IPO before the year is out in which it is expected raise 2bn zlotys (US$643mn).