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APN targets July listing for Australian property trust

APN Property Group is believed to be planning to list its Convenience Retail REIT on the Australian bourse in July, The Australian Financial Review's Street Talk reported.

The company recently said that it intends to release an investor presentation before May 31 about the trust, while planning to buy a petrol service station in New South Wales at the same time.

APN's target listing date remains conditional to approval from unit holders and a successful launch of an initial public offering in June, according to the May 29 report. About A$300 million in assets will be included in the trust with a target of raising A$100 million to A$150 million and a A$200 million market capitalization.

The offering's managers, UBS and Bank of America Merrill Lynch, has begun a non-deal roadshow in March.

As of May 26, US$1 was equivalent to A$1.34.