Berlin value-add residential landlord Ado Properties has shelved its €400 mln Initial Public Offering planned for Tuesday amid the financial turmoil surrounding the Greek debt crisis.

Berlin value-add residential landlord Ado Properties has shelved its €400 mln Initial Public Offering planned for Tuesday amid the financial turmoil surrounding the Greek debt crisis.

Ado, a €1.2 bn residential landlord owned by Israëli-listed Ado Group, said the IPO would be postponed until further notice due to market volatility caused by the Greek crisis.

It had planned to sell shares on the Frankfurt stock exchange, creating 'the only Prime Standard listed real estate specialist focused exclusively on Berlin'.

The company owns about 13,700 homes and 700 commercial properties in the German capital. The listing was aimed at raising equity to double the company's portfolio over the next few years.

Similarly, lender Deutsche Pfandbriefbank (Pbb) is believed to be delaying plans for its share offering initially planned for July. The bank was expected to publish its IPO prospectus this week, according to news agency Reuters.

Pbb declined to comment on the rumours.

Pbb's owner, Germany's financial market stabilisation agency (FMSA), said it is monitoring market volatility stemming from financial turmoil in Greece for its impact on the timing of the planned IPO.

'We will look at developments over the coming days and then decide when the flotation can get under way,' an FMSA spokeswoman told Reuters.

Italy's real estate company Domus Italia has also scrapped its initial public offering on the Milan stock exchange due to poor market conditions, it said in a statement. Book-building for the share placement had started on June 19 and was scheduled to close on July 2.

Stock markets have tumbled around the world after Athens closed banks for a week and ordered capital controls. Market analysts believe there is limited risk of a contagion crisis, but this possibility might increase sharply in the event the Greeks turn in a 'no' vote on Sunday's referendum.

'If there is a Grexit with an ongoing contagion crisis, however, there is a danger of a major drop in investor confidence with prime yields rising and prime-secondary yield spreads moving out,' commented Neil Blake, head of EMEA Research at CBRE. 'Corporate confidence would also be hit with capital investment and leasing decisions put on hold and a fall in consumer confidence could hit retail.'