Logistrial Real Estate AG is preparing to float its shares on the Frankfurt Stock Exchange.
The company aims to generate gross proceeds of €550 million to €650 million from the IPO.
Logistrial will use the proceeds mainly to purchase a secured portfolio of 20 diversified properties spanning about 619,500 square meters with a projected gross asset value of €768 million. The acquisition will also be financed with a debt component of about €215 million to €250 million.
The company, which owns, manages and leases logistics, industrial and mixed-use properties in Europe, is externally managed by Garbe Industrial Real Estate GmbH. It plans to expand its logistics portfolio primarily in Germany, France, the Netherlands and Austria, as well as other surrounding European Public Real Estate Association countries.
Logistrial is targeting a dividend yield of 5% and a medium-term gross asset value of more than €2 billion to become a German real estate investment trust by 2020.
Current sole shareholder GuN Investment GmbH, which agreed to acquire €20 million worth of Logistrial shares in the IPO, would hold less than 5% of the company's share capital upon completion of the offering.
Deutsche Bank and J.P. Morgan serve as joint global coordinators for the IPO, and as joint book runners alongside Kempen.
