Squarestone Brasil takes AIM
     

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.

 

Read more

Source: Property Week (www.propertyweek.co.uk)

 

 

 

 

 

 

 
Andrew Goodbody
The APB President gives his regular overview of current issues affecting our members together with a round up of feedback from members.
Margot Waddup
Margot keeps us up to date on the APB’s events diary
Guest Blog
Robert Gray, Partner, UK Valuations, at Knight Frank, discusses the London office market.
All events are open to members. The events secretary will supply details and costs of each event. Booking is on a first come first serve basis. Those events that are open to non-members will be announced seperately. Members log in for more details.
July Young Property Bankers Summer Party Sponsored by BNP Paribas Real Estate. Please contact Paul Doctors (Paul.Doctors@bayernlb.co.uk) for more details.
September APB Annual Seminar, Click here for details.
September 3rd Annual Investment Summit
October APB Golf, Spa and Networking Day
November Annual Fundraising Dinner