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IPO Monitor for the week ending Feb. 1

Editor's note: The IPO Monitor is a feature that tracks international real estate companies debuting on the exchanges.

UK

LXI REIT plc, focused on investing in U.K. commercial property assets let on long inflation-linked leases, intends to list on the premium segment of the main market of the London Stock Exchange with an IPO target of £200 million.

The REIT is targeting inflation-protected income and capital returns through long leases of typically 20 to 30 years to expiration or first break, with rent reviews directly linked to inflation.

London's Financial Times noted that the REIT is tapping into a shift in investor demand for security over capital growth, and that its profile is similar to that of Secure Income REIT Plc.

LXI REIT plans to invest in a diverse range of sectors including office, retail, leisure, industrial, distribution and alternatives, and will also focus on growth subsector investments like discount retailers, budget hotel operators and "last mile" distribution units linked to online retail.

The company is targeting a minimum annual dividend of 5 pence per ordinary share, starting from the financial period commencing April 1, 2018.

India

The listing India's first REIT might be postponed, Bloomberg News reported, citing people with knowledge of the matter. Blackstone Group LP-backed Embassy Group's supposed disputes with investors in two of its properties could derail the listing of the approximately US$600 million REIT, which will contain five to six assets.

The investors, Kelachandra Group and Manyata Group, have refused to add the Embassy GolfLinks and Embassy Manyata Business Park office properties in Bengaluru to the portfolio, the sources said. A resolution for the dispute would need to happen before the listing pushes through.

Middle East

Abu Dhabi-based developer Bloom Holding is mulling the launch of an IPO over the next two years, as one of the options to provide financing for a list of projects, The National reported. The company, which is part of Abu Dhabi's National Holding, is also considering private placements and strategic alliances while it prepares to develop properties spread over Abu Dhabi and Dubai, in the U.A.E.

The company will begin construction on its 132-unit Faya town house scheme at its Bloom Gardens development in Abu Dhabi within the next two weeks. It also plans to break ground on its 686-apartment Bloom Heights development in Jumeirah Village Circle in Dubai.

Additionally, Bloom is also planning to build an education campus worth 500 million United Arab Emirates dirham in Barsha South in Dubai, which is expected to accommodate the U.A.E's first branch of a New York-based international private school, an Arabic language center and a nursery, the publication noted.

As of Jan. 31, US$1 was equivalent to 3.67 United Arab Emirates dirham.