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IPO Monitor for the week ending July 20


GraingerPlc and APG have established GRIP REIT PLC, a new entity that the duoclaims to be the biggest residential REIT in the U.K., with more than £600 millionof initial assets.

The partners created the U.K. REIT as the new holdingcompany for their GRIP joint venture, a private rented sector investmentvehicle. Grainger owns about 25% of the joint venture, while APG owns theremainder.

The newly formed REIT's investment focus will be on PRSassets in London and southeast England.


Logistics and office property manager and investorPropertylink further advanced its A$500 million IPO in Australia by starting another global investorroad show this week and committing over half of the securities under the IPOfor institutional investors, TheAustralian Financial Review reported.

The company will provide retail investors with a chance toparticipate in the offering in the week of July 24, according to thepublication.

Propertylink submitted a prospectus for its estimated A$500million IPO in Australia, secured several supporters for the plan and is closerto sealing a deal to acquire a A$200 million portfolio, according to mediareports.


EC World REIT's Singapore IPO is to be priced near the top end of itsprice range, Reuters reported, citing IFR.

According to a person close to the transaction, theIPO will be priced at81 Singapore cents apiece, the report said. The Chinese group is looking tosell 427.6 million units in the IPO, according to IFR.

The company had indicated a price range of between 76Singapore cents and 82 cents apiece.

According to the source cited by the news outlet, the REITexpects to raise around S$346 million from the IPO. The units are expected tobe listed July 28, the report said.


* ISC Fresh WaterInvestment, a portfolio of banking assets that are leased to Banco de Sabadell,planned to commence trading on Madrid's junior exchange, Mercado AlternativoBursátil, on July 15 as a new REIT, PropertyInvestor Europe reported,citing local daily Expansion. It willbe the 20th REIT to debut on the Spanish alternative market.

Quonia is also in line to list as a REIT on July 18, with amarket capitalization of roughly €42 million.

* Banco Popularplans to launch a real estate company to shed €3.5 billion to €4 billion fromits balance sheet by year-end, PropertyInvestor Europe reported,citing local media. The Spanish bank has hired Deutsche Bank and Ernst &Young for the plan, according to the report.

The spinoff will operate independently of the bank, andBanco Popular and its advisers are selecting the assets that will go to the newentity, the sources said.