Matrix, the private investor property fund manager, is to list its £330m European portfolio on the London Stock Exchange
As tipped by Property Week (news,19.05.06), Matrix European Real Estate Investment Trust (MEREIT), the investment company managed by Matrix Property Fund Management, is aiming to raise £150m prior to listing.
MEREIT, which is currently an open-ended Guernsey company, is expected to have a market cap of £230m.
The £150m raised will be used to finance an investment in an opportunistic joint venture with Matrix Property Fund Management and Bank of Scotland Corporate, as well as reduce existing debt and acquire a significant stake in the IZD Tower in Vienna, Austria’s largest office building.
Its portfolio comprises 27 buildings valued at around £330m across Germany, France and Holland.
It is also set to complete a £35m purchase in Spain.
MEREIT’s enlarged portfolio will comprise office, logistics, hotel, retail and industrial properties.