Merlin Properties has filed for Spanish REIT status, with a €1.5bn IPO set for later this month.
The company will become a Spanish REIT or SOCIMI (sociedades cotizadas de inversión en el mercado inmobiliario).
Filed with the Spanish authorities, its prospectus claims the flotation will be Spain’s largest since July 2011 and the third largest in Europe in the past year.
Binding investment commitments of €600m so far account for 40.2% of share capital.
The prospectus also details plans to buy a €740m portfolio of BBVA bank branches.
Merlin will invest mainly in core and core-plus offices, shopping centres and the logistics and industrial sectors in Spain and Portugal.
Former European head of real estate for Brookfield Asset Management and RREEF, David Brush will be chief investment officer for Merlin.
Source: IPE Real Estate