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.
Jarden deal-makers sharpen their focus on lifting share
This year expect more Australian corporations to reshape their portfolios and private equity to consider floats as an investment exit option, says Jarden Group.
Debt capital markets proceeds up
Debt capital markets proceeds for Australia increased more than 16 per cent in 2024 compared to the previous year as corporates became more confident that inflation was being reined in.