Bunnings landlord Newmark REIT is ramping up plans for its initial public offering, with the group raising $128.3m in the hope of heading to the boards as a company with a $344.6m market value.
The management roadshow is currently underway and the book build closes on Friday.
Working on the transaction is Morgan Stanley, Credit Suisse, E & P Corporate Advisory and Moelis.
The business comprises eight commercial properties mostly leased to Bunnings.Shares are being sold at $1.895 a unit, a 7.1 per cent premium to net tangible assets of $1.77 per stapled security.
This implies a 5.1 per cent forecast annual distribution yield of 5.1 per cent for the 2022 financial year and 5.3 per cent the following year.
The listing is slated for December 6.
Add your comment to this story
Santos shopping for LNG in the US
The $17bn Australian-listed Santos is understood to have been shopping for liquefied natural gas opportunities in the US.
NZME hires UBS in activist investor battle
The fight for control of one of New Zealand’s most important media companies continues to escalate.
To join the conversation, please log in. Don't have an account? Register
Join the conversation, you are commenting as Logout