Hungarian property developer Ablon Group plans to raise up to EUR 151 mln by floating about a third of the company on the Alternative Investment Market (AIM) in London to fund its expansion in eastern Europe. The shares will be sold on February 7 at a price set between £2.38 and £2.85, valuing the company at between £249.9 mln and £299.25 mln (EUR 453 mln).

Hungarian property developer Ablon Group plans to raise up to EUR 151 mln by floating about a third of the company on the Alternative Investment Market (AIM) in London to fund its expansion in eastern Europe. The shares will be sold on February 7 at a price set between £2.38 and £2.85, valuing the company at between £249.9 mln and £299.25 mln (EUR 453 mln).

Ablon was founded in 1993 and has a presence in Budapest, Prague and Bucharest. It has developed some 140,000 m2 of property and plans to complete a further 690,000 m2 within the next five years. 'The offering is primarily intended to provide funds to invest in the existing development properties, as well as to acquire additional projects in existing and new markets,' ceo Uri Heller said in the statement.

The company posted gross rental income of EUR 6.7 mln and gross residential income of EUR 2.7 mln in the nine months to September 30, 2006. Heller and Oesterreichische Volksbanken both own a 47.6% share in Ablon. Their holdings will decline to 32% after the listing.