Instone Real Estate plans to go public in 2018
Frankfurt a. Main — IPO: Instone Real Estate is accompanied by Sullivan & Cromwell to the Prime Standard in Frankfurt a. M.. The residential construction specialist aims to raise 150 million euros with the IPO . The company itself is talking about an IPO in the course of 2018. However, many observers suspect that the premiere will take place before Easter and speculate on a stock market value of one billion euros. On the banking side, Credit Suisse and Deutsche Bank lead the consortium.
If all goes according to plan, Instone will place existing shares and newly issued shares via a capital increase. In addition to Instone, the previous shareholder, the financial investor Activum SG, also intends to place its shares on the market. Exactly how many papers will be placed has not yet been determined. — Instone intends to invest the lion’s share of the planned stock market proceeds, around 100 million euros, in project development. Another 50 million will be used to repay existing loans.
A few months ago, the value of Instone projects was estimated at almost 870 million euros. This includes more than 8,000 apartments in major cities and surrounding regions throughout Germany. The Essen-based group emerged from the merger of a former Hochtief subsidiary Formart with real estate developer GRK. GRK was essentially specialized in the refurbishment of listed old buildings. Formart had been part of Activum since 2014.
On the banking side, Deutsche Bank and Credit Suisse are in action. The consortium also includes Morgan Stanley, BNP Paribas and Unicredit.
Advisors to Instone: Sullivan & Cromwell (Frankfurt)
Dr. Carsten Berrar (lead), Dr. Krystian Czerniecki; Associate: Philipp Klöckner (all capital markets law)
Noerr (Berlin): Felix Blobel (Corporate), Dr. Carsten Heinz (Tax)
Nauta Dutilh (Amsterdam): no mentions
Advisors to banks: Freshfields Bruckhaus Deringer (Frankfurt)
Dr. Mark Strauch (Capital Markets), Rick van Aerssen (Banking and Finance); Associates: Dr. Kai Werner, Ivan Las Heras (both Capital Markets)
Inhouse Legal (Deutsche Bank; Frankfurt): Joachim Schelm
Inhouse Legal (Credit Suisse; Frankfurt): Dr. Ann-Katrin Wilczek