Brazilian property fund Squarestone Brasil is planning to list on the AIM market of the London Stock Exchange.
The company aims to raise between £150m and £250m in what could be the first property IPO for the year.
Squarestone is a developer which plans to bring western mall design to
The fund will be run by Tony Campbell, former deputy chief executive of Asda, who will become chairman.
Neil Varnham, the new president of the British Council of Shopping Centres, will act as a consultant for the fund.
“A listing will allow us to continue to capitalise on the attractive opportunities already presented by the Brazilian shopping mall sector by enabling access to a broader capital base.
“In our view AIM represents the most appropriate venue for the company’s flotation given the board’s familiarity with the international investment community and the international nature of Squarestone’s operations, allied to our growth ambitions.
“Furthermore we believe our strategy of bringing international mall retailing standards to
On admission, the company will buy two existing shopping malls, Bonsucesso Mall and Golden Square Mall located in
“The AIM listing and placing will provide the company with the platform and funds to enable the development of the existing two mall assets and to potentially pursue its identified pipeline investments, with the objective of achieving superior shareholder returns through the delivery of ‘next generation’ shopping malls,” said Squarestone.
“The company is committed to addressing what it perceives to be a gap in the market, by combining an international approach to shopping mall design, development and management while appealing to the local culture, tastes and fashions of
Squarestone intends to raise half the funds in the
