Spanish property developer Grupo Tremon has postponed its planned June IPO until September, citing a 'crisis of confidence' in the Spanish property market. The company said it needed more time to explain its plans to investors.
Spanish property developer Grupo Tremon has postponed its planned June IPO until September, citing a 'crisis of confidence' in the Spanish property market. The company said it needed more time to explain its plans to investors.
Separately, German retail property firm Boetzelen called off its planned IPO, also citing market conditions. The company had already drastically lowered the price range of its share offering.
The news came hard on the heels of three other cancelled IPOs on a lack of investor interest. Last week, Spanish developer Reyal Urbis blamed unfavourable market conditions for the cancellation of its IPOs. And the UK's Vector Hospitality was forced to pull the plug on its IPO, as investors stayed away in droves.
