Property syndicator and developer Primewest have announced to the market that they propose to undertake an initial public offering of the business seeking to raise $100m, for a 29% stake in the company valuing the business at approx $349m once listed.
The group, run by John Bond, Jim Litis and David Schwartz, controls $3.9bn worth of properties in 75 separate syndicates and across seven asset classes, including retail, industrial, office, residential and hotels.
If successful, the capital raising would value the entity on a 10.5x EBITDA however current earnings include performance fees which are subject to market conditions. Primewest have formed some strong associations, including with GIC and have been busy buying up assets over the past 18 months, ahead of the IPO.
With funds predominantly from GIC, Primewest's Counter Cyclical Office Trust acquired 100% of Exchange Tower at 2 The Esplanade for $326M from AMP Capital and another of Primewest's funds in December last year. Prime West and GIC also secured 1 William Street Perth for $175m in late 2017.
Moelis and Shaw and Partners were expected to run an institutional book build this week.
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