Ado Properties, a German residential real estate investor based in Berlin, is planning an initial public offering to raise about €350 mln of capital, according to a report by news agency Bloomberg.
Ado Properties, a German residential real estate investor based in Berlin, is planning an initial public offering to raise about €350 mln of capital, according to a report by news agency Bloomberg.
Ado, a subsidiary of Tel Aviv-listed Ado, is expected to announce a secondary share sale by the end of the first half, according to the report.
The company owns about 9,000 properties in the German capital.
Ado was not immediately available for comment on Tuesday.
The German listed residential sector is changing rapidly with a number of M&A moves lined up for the next months. Earlier in February, housing firm Adler Real Estate said it had secured the takeover of a majority of peer Westgrund while Deutsche Wohnen, Germany's second-largest listed residential firm with 147,000 units, is attempting to take control of Austrian peer Conwert with the launch of an €11.50 per share bid - a deal which values the Austrian company at about €1 bn.
Earlier this month, Germany's largest residential landlord, Deutsche Annington, closed its €3.9 bn takeover offer of Gagfah. That deal is set to create the largest listed residential landlord in Europe with a portfolio of some 350,000 flats worth around €21 bn.
