Whitewood Capital is planning to raise up to 100 million euros ($126.67 million) by floating a property fund in Brussels in the first quarter of this year, one of its two chief executives said, in what is likely to be the first flotation in Belgium for over two years.
The last significant IPO in Belgium was biotechnology firm Movetis, which listed at the end of 2009. Since then property group Wilhelm & Co and chemical firm Taminco both abandoned listings due to market conditions.
"The IPO would happen somewhere during the course of the first quarter," Whitewood Capital's Joint Chief Executive Frederic Van der Planken told Reuters on Monday. "We would be looking at a capital raise anywhere between 50 and 100 million euros depending on the final strategy that we will decide on," he said in a telephone interview. Van der Planken said that, while he was still waiting for the right time to float, he believed that markets were close to the bottom.
Whitewood is planning to float a property fund focused on mid-range office space in Belgium and the Netherlands.
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