Central and South Eastern European developer Afi Europe has postponed its initial public offering on the Warsaw stock exchange due to 'adverse market conditions'.
Central and South Eastern European developer Afi Europe has postponed its initial public offering on the Warsaw stock exchange due to 'adverse market conditions'.
The company, which is controlled by Israeli billionaire Lev Leviev, had planned to raise about EUR 130 mln and start trading in the Polish capital in the first half of December. All subscription orders by retail investors will be disregarded and payments made will be refunded, it said in a statement.
The public offering included up to 35.5 million shares open to subscription for both retail and institutional investors. New investors were expected to take around 25-30% of the company's shareholding capital.
Afi Europe, a subsidiary of Africa Israel Investments, intended to use the proceeds primarily to finance its own construction projects, in particular AFI Business Park Cotroceni and Phase 1 of AFI Golden City in Bucharest, Romania as well as Phase 2 of Classic 7 Business Park and Phase 1 of AFI Karlin in Prague, Czech Republic.
The company has developed 293,000 m2 of commercial properties since its founding and has a portfolio valued at EUR 1.4 bn consisting of 32 projects in seven countries throughout CEE and SEE.