Private property groups in Russia with assets of up to $50bn are preparing to float within the next year, bankers and brokers report. Financial Times
Property services companies such as Jones Lang LaSalle and Cushman & Wakefield have carried out at least eight pre-initial public offering valuations.
Among those considering listing are Don-Stroi, Stroyinkom-K, ST Group Region, DVI Group, LenSpetsSmu Holding and RosEvroDevelopment. Capital Group, Mirax, Storm Properties and Promsyvaz ‘Nedvizhimost’ could also list. Open Investments, which is already listed in Moscow, said last month it ‘may consider’ a London listing.
The listings would be in Moscow but most would also seek a dual listing in London by issuing global depositary receipts.
The Russian property market benefiting from strong wider economic growth and both rents and capital values are rising.
Until a year ago Raven Russian was only Russian-focused property company listed in London. Five others have since joined it.