Squarestone Brasil takes AIM
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16.04.10
Squarestone Brasil became the first overseas property company to float on London’s AIM for nearly three years this week when it listed on Monday
The Sao Paulo-based company, headed by Jimmy Morse, began with a market capitalisation of £35m. It had hoped to raise £250m, when it revealed its intention to float in February, but ended up with just a net £26.2m after selling 28.26m shares at 100p each. It also used 11.24m shares to pay part of the £17.5m for a 50% stake in a shopping centre development, Golden Square Mall in Sao Paulo (pictured), which is due to be completed in mid-2011. Golden Square Mall comprises 333,680 sq ft, and has been valued by Jones Lang LaSalle Brasil at R$134.6m (£49.9m). Squarestone Brasil said it had a pipeline of attractive prospective shopping mall development opportunities and a letter of intent from BTG Pactual, a Brazilian investment bank, wealth manager and asset manager, to potentially partner with it in the funding of its current and future projects at an asset level.
Source: Property Week (www.propertyweek.co.uk) |
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