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APN targets A$150M for retail property fund's December IPO

APN Property Group expects to raise A$100 million to A$150 million in the IPO of a planned convenience retail REIT, The Australian Financial Review reported, citing sources with knowledge of the matter.

APN and Puma Energy are meeting with investors to market the petrol station-backed REIT, which is expected to have an approximately A$200 million market cap when it lists, according to the March 29 report.

In February, APN said in its results presentation that it expects to list APN Retail Property Fund on the Australian stock exchange in December. The fund will hold 23 Puma service stations and the properties held by APN Property Plus Portfolio. APN and Puma Energy have committed to become cornerstone investors in the IPO, and the plan has received strong support from the market, as the fund was fully subscribed.

The pre-IPO unlisted fund was launched December 2016, with a fully leased portfolio worth A$106 million.

UBS and Bank of America Merrill Lynch are the joint managers for the IPO, the AFR added.

As of March 29, US$1 was equivalent to A$1.31.