Pan-European logistics developer PointPark Properties has confirmed its intention to float on the London Stock Exchange.
Estates Gazette reported yesterday that the company, known in the market as P3, was preparing to float – the first property company to do so in two years.
In a stock exchange announcement today, P3 said it would raise £250m through a public offer of shares.
It will use the proceeds, in part, to buy a €760.1m (£614m) property portfolio it currently manages which is owned by Arcapita Bank. P3 also plans to use the capital to deleverage the portfolio and pursue future growth opportunities.
The flotation marks the return of Ian Coull to the listed logistics sector. Coull, former chief executive of SEGRO, will become chairman of P3.
In a statement today, he said: “P3 is a leading player in its field and I am incredibly proud to be able to join a company with both exciting growth prospects and such an experienced and focused management team.
“An IPO will provide P3 with the capital it needs to maximise growth opportunities and increase the company’s return profile.”
Deutsche Bank is sole sponsor of the IPO and Credit Suisse and Deutsche Bank are acting as joint global co-ordinators and bookrunners.
nathan.cross@estatesgazette.com
