Xior Student Housing hopes to raise between €80 mln and €88 mln from its initial public offering and listing on Euronext Brussels.
Xior Student Housing hopes to raise between €80 mln and €88 mln from its initial public offering and listing on Euronext Brussels.
The IPO will see Xior sell 2.8 to 3.4 million shares at €25 each.
Belgium's first real estate investment trust active in the student housing sector said the share offer would run from 26 November to 8 December. The company expects the IPO to take place on 11 December.
On that date, Xior's initial 2,000-bed property portfolio should comprise 37 buildings in Belgium and 11 in the Netherlands, with a total fair value of €196 mln. The portfolio will be assembled through a combination of contributions in kind, mergers, acquisitions and asset deals.
This portfolio has an average occupancy rate of 97.8%. Xior said that 82% of the total rental income, assuming 100% occupancy, will be generated from the rental of student residences. The remaining income will come largely from retail properties, mostly located on the ground floor of the student buildings.
The assets are situated in major student cities. The Belgian locations, including Leuven, Ghent and Antwerp, account for 85% of the fair value of the initial portfolio, with the Dutch component - specifically in The Hague, Maastricht, Breda and Tilburg - making up the rest.
Bank Degroof Petercam and ING Belgium are acting as joint global coordinators and joint bookrunners.