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IPO Monitor for the week ending Oct. 5

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IPO Monitor for the week ending Oct. 5

Editor's note: The IPOMonitor is a feature that tracks international real estate companies debutingon the exchanges.

AUSTRALIA

Elanor Investors Group is preparing for the IPO of a retail property-focused fund,which will initially own a portfolio independently valued at A$243.2 million inAustralia.

Elanor Retail Property Fund will be formed through thecombination of Elanor Retail Property Fund I and Elanor Retail Property FundII, and two shopping centers that it bought. The centers are Tweed Mall, whichit purchased from VicinityCentres, and Northway Plaza Shopping Centre.

The fund's initial portfolio will comprise five shoppingcenters, with their valuation reflecting a weighted average cap rate of 7.7%,an average weighted lease expiry of 5.1 years and a 96.7% occupancy rate.It will invest in retail property across Australia, with a focus on quality,high-yielding neighborhood and sub-regional shopping centers.

Elanor Retail targets to distribute 90% to 100% of itsdistributable earnings and forecasts a 7.9% distributable earnings yield forthe calendar year ending Dec. 31, 2017. Its market cap is expected to top A$170million.

Moelis & Co. serves as the lead manager and underwriterfor the IPO.

GERMANY

* IVGImmobilien AG's office spinoff in Germany is targeting to raise€750 million to €800 million in its planned IPO, Reuters reported, citing unnamed sources. Theper-share price range for OfficeFirst's IPO is set at €21 to €23, according tothe report.

* Property investment manager CORESTATE Capital Holding SAlisted on theFrankfurt bourse, according to a news release. The company had its IPO plans that werehalted in November2015 due to difficult market conditions.

The fully integrated real estate investment manager andco-investor started trading at €17.40. It has a market capitalization of €219.4million, with a total of 12,610,681 shares.

* Mähren AG, which added 17 multifamily homes in eastGermany to its portfolio for €50 million, is also mulling a potential IPO inthe future, Property Investor Europereported, citing aGerman-language statement.The company was former known as Mähren Gruppe.

SPAIN

Optimum Re Spain SOCIMI made its on Madrid's alternative market.

Its shares closed at €10.30 apiece, up from the €10 openingprice. The new housing-focused REIT is valued at €50 million, according toregulatory information.

Optimum Re has a €108 million portfolio comprising 13properties in Barcelona and one in Madrid. The company will target propertiesworth €2 million to €10 million through off-market transactions.