Bookrunners Credit Suisse and UBS are set to rule off a $356.9 million initial public offering for property owner RAM Essential Services Property Fund.<\/p>\n\n\n\n
It is understood the brokers told investors the bookbuild would close at 4.30pm on Wednesday, and the deal would be underwritten on Wednesday night.<\/p>\n\n\n\n
The IPO would see it raise $356.9 million at $1 a security, which implied a 5.7 per cent distribution yield based on FY22 forecasts.<\/p>\n\n\n\n
RAM Essential Services Property Fund was expected to lodge its prospectus with the corporate regulator on Thursday and list with a $521.1 million market capitalisation in late October.<\/p>\n\n\n\n
RAM Essential Services Property Fund is the second biggest real estate IPO of the year.<\/p>\n\n\n\n
The fund would own 33 properties on listing, including sites leased to private hospitals group Healthecare and supermarket chains Woolworths and Coles, with a $706.3 million portfolio value as at August 31.<\/p>\n\n\n\n
Funds raised at the IPO would be used to repay some existing investors ($150.2 million), acquire additional properties ($122 million), pay transaction costs ($24.5 million) and repay existing bank debt ($60.2 million), according to documents sent to potential investors a fortnight ago.<\/p>\n\n\n\n
Credit Suisse and UBS were underwriters and joint lead managers, alongside Ord Minnett and E&P Corporate Advisory.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bookrunners Credit Suisse and UBS are set to rule off a […]<\/p>\n","protected":false},"author":1,"featured_media":25165,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"post-type":[],"class_list":["post-28507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-media-zh-hans"],"acf":[],"yoast_head":"\n