Alstria: IPO shall bring up to €450mn
Alstria Office AG wants to collect between €220 and €270mn of net revenue with its IPO on April 3, according to the stock exchange prospectus. In addition, it shall bring a reallocation of around €200mn, reports the Financial Times Deutschland (FTD). The issuing volume of €450mn for around 50% of the shares means a markup of just under 10% to the net asset value which is estimated to be €800mn. Alstria would be the first large newcomer from the property sector to the stock exchange in 2007, the IPO would at the same time be a test for market capacity. The environment for IPOs has declined since the market slide of February 27, when the Dax Leitindex temporarily went from over 7,000 points to under 6,500. Alstria aspires to reorganize itself later into a tax-deductible REIT.