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IPO Monitor for the week ending Oct. 12

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IPO Monitor for the week ending Oct. 12

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

GERMANY

IVG Immobilien AG's office spinoff is postponing its initial listing on the Frankfurt Stock Exchange on account of a "significant deterioration" in the real estate market. OFFICEFIRST Immobilien AG had targeted to raise up to €800 million in the IPO.

OFFICEFIRST said it has postponed its planned Oct. 14 listing "until further notice." The company said uncertainty regarding the future European Central Bank monetary policy and the possibility of a base rate hike by the U.S. Federal Reserve have resulted in noticeable "reticence" among investors during its IPO roadshow.

THAILAND

WHA Corp. PCL plans to launch an 8.02 billion-Thai-baht industrial park REIT in November as the first investment trust under the Hemaraj brand, Reuters reported, citing a company statement.

Hemaraj Leasehold Real Estate Investment Trust will have properties in industrial estates of Hemaraj Land and Development Pcl. The REIT will issue 569.4 million trust units to WHA Premium Growth Real Estate Investment Trust's unit holders, with some of the proceeds to be used for debt repayment, according to WHA CEO Jareeporn Jarukornsakul.

JAPAN

Kyushu Railway Co. plans to invest in residential and office properties in Southeast Asia following the Japanese government's planned ¥416 billion IPO for the rail company, Bloomberg News reported.

Kyushu Chairman Koji Karaike told the news outlet in an interview that the investment will be the company's first in the region. The decision stems from Kyushu's desire to reduce its dependence in Japan, which makes up nearly all of its revenue, according to the report.

SWEDEN

Baltic Horizon Fund is planning a secondary listing on the Nasdaq Stockholm bourse as part of a plan to raise up to €80 million to fund its acquisition pipeline.

The secondary listing will follow the REIT's €29.7 million IPO on the Nasdaq Tallinn Stock Exchange. The offering was completed in June, and it listed July 6. Proceeds from the IPO were used to fund two new acquisitions that increased the worth of the fund's 97%-occupied portfolio to approximately €125 million.

The REIT said it is also planning a follow-on public offering in Estonia, with possible offerings in Finland and Denmark, to target a wide range of regional investors.

MALAYSIA

Johor, Malaysia-based developer Iskandar Waterfront Holdings Sdn. Bhd. is considering reviving its IPO plans as early as 2017 on the Malaysian stock exchange, Bloomberg reported.

Besides the domestic bourse, it may also consider a dual listing in Hong Kong or Singapore, Lim Kang Hoo, executive vice chairman of the company, told Bloomberg. Lim, however, declined to specify the expected proceeds from the IPO, the report said.

The company seeks to monetize more than 30 billion Malaysian ringgit of its assets via the listing, which was stalled in 2013 due to weak conditions in the property market.