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Instone Real Estate plans to go public in 2018

24. Janu­ary 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

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