Czech residential landlord Domus has postponed its IPO on Euronext Amsterdam, saying it may revisit the listing 'subject to improved market and geopolitical conditions'.
Czech residential landlord Domus has postponed its IPO on Euronext Amsterdam, saying it may revisit the listing 'subject to improved market and geopolitical conditions'.
Domus had hoped to raise up to €250 mln through a share offering and listing in Amsterdam. But in a statement on 7 May the company announced it was postponing the IPO until further notice due to 'market conditions'.
The statement continued: 'Domus and its shareholder will continue to explore strategic options for Domus, which include re-visiting the IPO subject to improved market and geopolitical conditions.'
In an interview with PropertyEU in April, the company's joint CEOs rejected the suggestion that the unrest in Ukraine could have a direct effect on the IPO as the portfolio was about 1,000 kilometres away from the conflict. They conceded, however, that the crisis, if it endured, could dampen general business sentiment across Europe.
The company describes itself as one of the largest rental residential real estate companies in Central Europe measured by the number of apartments owned and managed. Its portfolio comprises over 44,000 residential units, with a total floor area of more than 2.6 million m2 in the region around Ostrava, the third largest city in the Czech Republic. The portfolio has a gross asset value of €884 mln. At end-2013, Domus posted rental income of €78 mln, EBITDA of €57 mln and funds from operations of €40 mln.
Want to hear from experts about the latest political and real estate developments and opportunities in CEE? PropertyEU is holding a CEE Investment Briefing in London on 8 May, and a at ReDI - the CEE Trade Fair for Retail Investment - on 28 May.