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IPO Monitor: May

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Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

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Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

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Real Estate News & Analysis: May Edition

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Corporate Credit Risk Trends in Developing Markets: A Probability of Default Perspective


IPO Monitor: May

Editor's note: The IPO Monitor is a feature that tracks international real estate companies debuting on public exchanges and is published on the last Wednesday of every month.

That's a wrap

* After listing on the Indonesia Stock Exchange, Forza Land Indonesia Tbk PT raked in 68.75 billion Indonesian rupiah in proceeds, with plans to channel 40 billion rupiah from the IPO toward upping its stake in PT Borneo Sarana Properti to 99.1%.

* Another Indonesian developer, PT Sanurhasta Mitra Tbk., debuted on the bourse April 28 and raised 137.8 billion rupiah through an IPO. The company will utilize a portion of its proceeds to purchase an interest in its unit PT Minna Padi Resorts, which would push its stake up to 99.67%.

* Cebu Landmasters Inc. saw strong market demand for its oversubscribed IPO in the Philippines. During the week-long offer period, which ran up to May 26, investors purchased 505 million shares at 5.00 pesos apiece. The company will list on the Philippine bourse June 2 and has plans to use funds from the IPO to make land acquisitions and pay for new developments and joint ventures, among other purposes.

* Sigma Capital Group plc's PRS REIT plc raised £250 million from an offering on the London Stock Exchange, successfully reaching its target. Proceeds from the float will fund investments in newly constructed properties across England. The company is set to acquire an initial portfolio for £72 million, which is a part of a planned pipeline of about 2,535 new homes worth approximately £375 million.

* Lennar Corp.'s majority-owned Five Point Holdings wrapped up the offering of 24,150,000 class A common shares, fetching net proceeds of approximately $320 million.

In the works

* Croatia will see its largest IPO in nine years and its first in the tourism sector when Arena Hospitality Group d.d. launches an offering of 1,091,250 ordinary registered shares at 20 Croatian kuna apiece on Zagreb Stock Exchange's official market. The book building process began on or around May 15 and ended on or around May 25.

Arena plans to use the proceeds to refurbish a number of properties in Croatia and to fund its expansion in Central and Eastern Europe.

* Cromwell Property Group advanced its planned listing of A$1.8 billion worth of European assets on the Singapore bourse. The IPO is expected to be advantageous for its takeover bid for Investa Office Fund and solidify the company's claims that a number of global investors are supportive of the proposed takeover.

Meanwhile, Cromwell has one less obstacle in its takeover bid after IOF's unit holders voted May 31 against the board's proposal to restructure by purchasing a 50% stake in Investa Office Management Pty. Ltd.

* Four Springs Capital Trust filed to list as a real estate investment trust on the NYSE, with a focus on single-tenant retail, industrial, medical and other office properties. As of March 31, the company had full ownership of 41 properties and stakes in seven assets spread over 21 U.S. states.

* Saudi Fransi Capital's application to offer, register and list the units of Taleem REIT on the Saudi Arabian stock exchange got the green light from the board of the country's Capital Market Authority May 8. The REIT will list on the exchange as a real estate investment traded fund.

On the drawing board

* Blackstone Group LP's Logicor business received a bid exceeding €12 billion by Chinese investor China Investment Corp. on May 29, shy of its initial projected target. Earlier in the month, the group appointed Goldman Sachs Group Inc. and PJT Partners Inc. to sell its European business in an IPO valued up to $13 billion.

* Plymouth Industrial REIT Inc. will offer 3,750,000 common shares in an IPO, with a targeted price range of $19.00 to $21.00 per share. The underwriters, led by D.A. Davidson & Co., will have a 30-day option to buy up to 562,500 additional shares.

* APN Property Group is planning an IPO in June, with a target to raise A$100 million to A$150 million, through a listing of its Convenience Retail REIT on the Australian bourse intended to take place in July.

* In Spain, Banco de Sabadell SA is considering the listing of its 99%-owned HI Partners in an attempt to sell its real estate assets, which include 31 hotels in Spain that it manages and €800 million of hotel loans.

* Elsewhere in China, property company Cinese Group expects to raise between US$100 million and US$150 million through a Hong Kong IPO it is planning with CMB International and China Development Bank, which are helping it with the listing plans.

* Indonesia-based hotel boutique operator Ayana Land is targeting a 300 billion rupiah IPO on the Indonesian Stock Exchange by July, with plans to offer and list up to a maximum of 30% of its enlarged capital.

* A joint venture between AEP Investment Management and HNA Group added a property located in the U.K. for its planned initial public offering of a commercial real estate investment trust.

* Paris-based AEW is looking to fetch up to £150 million through an IPO of a new U.K. REIT on the London Stock Exchange. Shares of UK Long Lease Real Estate Investment Trust are expected to be offloaded at £1 apiece.

* Road King Infrastructure Ltd. expects to raise a minimum of US$200 million in gross proceeds from an IPO of its expressway business. The offering is anticipated to drive the subsidiary's post-listing market cap to higher than HK$5.0 billion.

Celestyn Wong contributed to this report.