PointPark Properties (P3) plans to list on the London Stock Exchange’s FTSE All-share index within the next few weeks. The company hopes to raise CZK 7.5bn by the initial public offering. It needs the funds to pay 55 to 60 percent of the debt it incurred after buying a €760.1m property portfolio from Arcapita Bank. Arcapita Bank will retain a 15-percent equity stake in P3.
“This is an exciting time for P3, as we believe there are multiple opportunities for the company to capitalize on occupier demand to achieve sustainable and attractive shareholder returns, while protecting and increasing capital value. We are operating in the resilient logistics sector, which has proven to be very active despite the challenging economic environment. Not only are there a number of off-market, stand-alone property acquisition opportunities on the European market, but we are also looking to develop our landbank in order to expand our existing warehouse parks. We also plan to redevelop and renovate certain properties in the current portfolio, to reduce vacancy rates further and increase income,” said Ian Worboys, Chief Executive Officer of P3.
