Babcock & Brown set up European real estate fund
Babcock & Brown and real estate group The GPT Group are a step closer to creating a funds management platform after setting an offer price range for their European retail real estate fund.
The offer price range for the Babcock & Brown GPT European Retail Fund (BGER), a close-ended limited liability investment company, refers to the institutional offer of ordinary shares in its IPO on Euronext Amsterdam N.V’s Eurolist by Euronext.
The range has been set at 15.20 to 17.00 euros per ordinary share, with the company intending to issue 24.7 million shares.
Babcock & Brown chief executive Phil Green described the listing as a strategically important step for the strategy behind the joint venture with GPT to recycle capital and diversify capital sources.
Both companies foresee BGER as being one of the largest listed owners of real estate assets in Europe, with the initial portfolio consisting of 294 retail assets with a gross asset value of 1.5 billion euros.
There will be no public offer of BGER shares in Australia.
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