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IPO Monitor for the week ending April 27

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IPO Monitor for the week ending April 27

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

Spain

* Wealthmanagement firm BMB Investment Management acquired 11 residential buildings in Barcelonafor a €48 million deal; the assets will form part of the firm's new housing-focusedREIT, Optimum RE Spain SOCIMI, Property InvestorEurope reported,citing Spanish newspaper Expansión. BMBInvestment Management is planning to list the REIT in June, according to a previousreport from the Spanish newspaper.

* Kingbookmay become Spain's first listed company that specializes in petrol station managementand leasing, PIE reported,citing Spanish newspaper El Confidencial.The SOCIMI was created in October 2015, and the country's laws require it to liston the Alternative Investment Market of the country's stock exchange in two years.It would be the country's 20th SOCIMI.

The companyis backed by U.S. investors Avenue Capital and JZ Capital, the report said. It aimsto invest about €300 million in some 100 service stations in the country, reflectingnearly 3% of the sector's assets.

Philippines

PhilippinesUrban Living Solutions Inc. plansto go public in either 2017 or 2018, The PhilippineStar reported, citing its CEO Mark Koojiman. The rental-housing developer focusedon the young professional demographic plans to list on the small and medium enterpriseboard and aims to raise around 750 million Philippine pesos from the listing.

The companyintends to use the IPO proceeds to establish residential projects for corporateclients in Metro Manila and Cebu.

Establishedin 2012, the company specializesin providing dormitory-style accommodations to those working in the business processoutsourcing sector. Its portfolio comprisesfive buildings, with more than 1,000 beds, operating under the MyTown brand, thefirst of which opened in 2013. By 2018, the company aims to expand to 6,000 bedswith the help of backers Templeton Emerging Markets Group and BPI Capital Corp.,according to the report.

Singapore

is havinganother go at a plan tolaunch the first U.S.REIT listing in Singapore, now with a higher target.

to "bankers familiarwith the situation" cited by FinanceAsia,the Canadian company started pre-marketing the IPO on April 19 and expects to raiseroughly US$500 million, up from its previous US$426 million target.

ManulifeUS Reit is expected to list May 20. An unnamed source told the publication thatthe pre-marketing sessions will run through April 29, held in Hong Kong and Singapore.A bookbuilding and management road show is scheduled for May 3-11.

Manulife'sIPO for an S-REIT made newsin May 2015, and later in Juneit was reported that itsecured six cornerstone investors. The plan was subsequently in July due to market volatility.

The publication said "early indications" show thatthe new IPO will likely produce an annualized dividend yield of 6.5% to 7.0%. CICC,Credit Suisse and Deutsche Bank were hired as joint book runners for the offering,the report said.