European listed real estate companies may this year exceed the record $5.1bn (£3.1bn) of capital raised by the sector in 2006.
Exane BNP Paribas property analyst Nick Webb said more geographic and sector diversification was setting the scene for a record-breaking year.
He pointed to a string of IPOs in Ireland and Spain and added that Germany was now better represented, largely owing to the expansion of the residential listed sector on the back of buoyant domestic housing prices.
According to Dealogic, in the year to the end of August there had been 10 IPOs that raised a total of $4.2bn. In 2006, a total of 26 deals raised $5.1bn.
Expectations of a record year for IPOs come as Scottish house builder Miller plans to raise £140m from an initial listing.
The group, which is part-owned by Blackstone and Royal Bank of Scotland, will use the proceeds to pay down debt and expand its business.
The offer by the Edinburgh-based group comprises an issue of new shares and sale of existing shares by the company’s major shareholder, Grain Holdco.
Barclays Bank and Jefferies International are joint sponsors, join global co-ordinators and joint bookrunners. HSBC Bank is lead manager. Moelis & Company UK is financial adviser.
bridget.oconnell@estatesgazette.com
