Property security investor Eurocastle Investment is to float on the London Stock Exchange with a £50m IPO.
The firm, which is a Guernsey investment company managed by US investment manager Fortress Investment Group, will have a market capitalisation of £150m.
Eurocastle invests primarily in property and other asset-backed securities as well as other property related assets in Europe.
It has a £350m portfolio of investments across Europe including commercial and residential mortgaged-backed securities and non-performing loans.
The company said it will offer up to 6.6m shares priced somewhere between £11.50 and £13.50 per share. The shares will start trading late this month or in early July.
The cash raised will be reinvested. Fortress owns 11% of Eurocastle, but will not sell any of its stake.
References: EGi News 18/06/04
