The three office buildings are owned by Cyprus’ investment fund Bluehouse Capital and are situated in Bucharest. Astoria Business Center has an area of 4,636 sq m, Olympia Tower has 9,938 sq m and Victoria Center has an area of 8,256 sq m.
Meridian Properties announced on Monday its plan to attract on Polish Stock EUR 170 million through an initial public offer. The company will use EUR 87.7 million to buy an initial portfolio of six office buildings and three retail parks in Bulgaria, Czech Republic and Romania. The company presented on its website information about the real estate assets intended to be bought.
The initial public offer should close by mid-October, Meridian Properties website informs.
Other EUR 17 million will be used to pay certain loans associated to its initial portfolio of nine properties, EUR 54 million will finance other acquisitions, and EUR 8 million are to be used for charges and listing related expenses. The company is in advanced negotiations for the acquisition of two real estate projects in Poland.
According to Meridian, The European Bank for Reconstruction and Development (EBRD) has agreed to buy a share of the company in the listing process.
Meridian Properties is a Real Estate Investment Trusts-REIT, a structure used in order to offer on the capital market the possibility to invest in the real estate sector. A real estate investment trust uses funds attracted from several investors to buy and manage real estate assets.
The company registered in Netherlands announced several months ago its intention to list on Warsaw stock, but the initial offer was postponed in June, due to market conditions. At that moment Meridian Properties aimed to get EUR 200 million on Stock, in order to buy with EUR 106 million real estate assets in Bulgaria, Czech Republic, Hungary and Romania.
The management of Meridian Properties includes several persons related to Cyprus’ investment fund Bluehouse Capital. Among them, the board president, Victor Pisante and the general manager, Yannis Delikanakis, are co-founders of Bluehouse Capital.
The portfolio of Bluehouse Capital in Romania includes several real estate assets the company fully owns or controls shares in, such as Astoria Business Center, City Gate, Olympia Tower and Victoria Center. (source: economica.net)