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Invista European Real Estate Trust announces IPO

Invista is set to float its Luxemburg registered European Real Estate Trust and is seeking a listing on the London Stock Exchange.

The IPO is expected to raise more than £166m giving the company a market cap of £207m as at admission at the offer price.

Invista Real Estate Investment Management (REIM) was formerly the property fund management arm of Insight Real Estate Investment Management prior to its own flotation in September.

The offer will be made through a placing and public offer of 83.1m ordinary shares in the company at 200 pence per share with the company expecting to receive £126m and existing shareholders £40.2m.

For retail investors, shares allotted to the Public Offer will be eligible for transfer into an Isa, Pep, Ssas or Sipp.

The trust’s property portfolio will comprise of 10 owned and 10 committed-to-aquire properties across seven European countries.

Invista REIM, including Invista REIM Holdings PLC manages real estate assets in 15 funds with an aggregate value of £8.6bn, making it the largest real estate fund manager in the UK.

Invista REIM chief executive Duncan Owen said: “The IPO of the company represents a significant step by Invista REIM in creating an income-focused Continental European property investment vehicle for institutional and retail investors.”

“We believe that these markets offer opportunities for the company to grow significantly by buying assets with attractive rental yields and potential for further rental income growth and yield compression, while continuing to actively manage its current portfolio in Gemany, France, Spain and Belgium.”

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