Teorema postpones listing

Cypriot-registered real estate development and management company Teorema Holding postponed its IPO plans this week, blaming 'current market conditions'. Teorema Holding is the parent company of the Teorema Group, which owns over 80,000 m² of commercial space in St. Petersburg in addition to 9,600 m² of warehouse space. Future development plans include 3.48 million m² of commercial and residential space in five large sites in St. Petersburg.

'Our offering generated considerable demand by international institutional investors. However, we decided to postpone the IPO as we were not satisfied with the valuation that could be achieved in the current market conditions. Our company is in a strong financial position and we are committed to increasing the value of Teorema Holding. We may consider a public offering at another time in the future,' said executive chairman Igor Vodopianov.

Teorema indicated in November that it was planning an initial public offering of global depositary receipts (GDRs) on the London Stock Exchange to finance expansion. The company hoped to raise $500 mln (EUR 341 mln) through the IPO before the end of the year.

Cushman & Wakefield Stiles & Riabokobylko has valued Teorema Group's beneficial interests in its properties at approximately $1.4 bn.

Four European property companies shelved IPO plans last June because of adverse market sentiment. But VGP, the Czech real estate development and management group focusing on semi-industrial property in Central Europe, successfully listed on Euronext and the Prague Stock Exchange this week. Click on the link below for more details.