German developer Chamartín Meermann Immobilien has announced that it is preparing for an Initial Public Offering (IPO) on the Prime Standard segment of the Frankfurt stock exchange. 'We see the IPO as the next logical step in our growth strategy,' said Heinz Meermann, company founder and chairman of the supervisory board.

German developer Chamartín Meermann Immobilien has announced that it is preparing for an Initial Public Offering (IPO) on the Prime Standard segment of the Frankfurt stock exchange. 'We see the IPO as the next logical step in our growth strategy,' said Heinz Meermann, company founder and chairman of the supervisory board.

Spanish group Chamartin Inmobiliaria has a 90% stake in Chamartín Meermann.

'With a project volume of about EUR 600 mln and a developing space of more than 200,000 m2, Chamartín Meermann has achieved a size that requires greater financing flexibility, broadening the shareholder base and corresponding transparency,' he added.

The firm plans to use the proceeds to strengthen its equity base and help finance further growth in the Berlin market. Hauck & Aufhäuser Privatbankiers and BankM are joint lead manager and joint bookrunner. Silvia Quandt & Cie will act as co-lead manager. In addition, Comdirect Bank, DAB Bank as well as Flatex Online broker will act as selling agents.

based in Berlin, Chamartín Meermann Immobilien focuses on the development of residential, office, commercial and hotel property. Major projects include the Palais am Deutschen Theater building with about 21,500 m2 of rental space, the Pergamon Palais residential and office complex with more than 10,000 m2 and the 464-room Sheraton Berlin hotel at the Central Station.