Mirland Development Corporation, the Cypriot-based real estate company, expects to raise £143.4 mln (about EUR 213 mln) through an initial public offer of 30 million new shares in London. The price is 478p per share. Trading in the shares on the Alternative Investment Market (AIM) is expected to begin on December 18.
Mirland Development Corporation, the Cypriot-based real estate company, expects to raise £143.4 mln (about EUR 213 mln) through an initial public offer of 30 million new shares in London. The price is 478p per share. Trading in the shares on the Alternative Investment Market (AIM) is expected to begin on December 18.
The company said it will 'benefit from the very favourable macroeconomic environment of the Russian real estate market' and will use the proceeds to develop its existing portfolio, purchase the Moscow skyscraper project and for working capital requirements.
Mirland was incorporated in 2004 and operates solely in Russia. It is controlled by the Fishman Group, an international real estate investment and development group based in Israel. Mirland says it is 'one of the few developers in Russia to build international quality commercial and residential properties employing Western business practices'.
Separately, shares of RGI International, a property development and management company active in Moscow, were admitted to trading on AIM. RGI recently sold its shares at $6 (EUR 4.50) a piece in the IPO.
