19th May 2015 09:54
LONDON (Alliance News) - Germany-focused real estate fund Phoenix Spree Deutschland Ltd on Tuesday said it is planning to float on London's Main Market, while bingo-led gaming company Stride Gaming PLC saw its shares surge higher as it started trading on AIM.
Phoenix Spree did not provide any details on how much in intends to raise in the listing, but the fund currently has a portfolio of 114 properties in Germany, valued at EUR245.3 million at the end of December.
The company invests primarily in multi-apartment rental properties in Berlin but also has exposure to Hanover, Bremen and Nuremberg.
Liberum Capital Ltd will be the sole sponsor on the flotation.
Elsewhere, Stride Gaming shares surged up 21% on their debut on AIM, up to 160 pence against the placing price of 132 pence. The company raised GBP11.2 million in the transaction and had a market capitalisation upon admission of GBP66.2 million.
Stride, announcing its plan to float earlier this month, said it will use the proceeds from the issue to buy smaller-scale online bingo companies which it thinks are likely to suffer from the implementation of the point-of-consumption tax in the UK and a general increase in regulation on the gambling sector.
The company also thinks that larger multi-product online gambling companies will prioritise their marketing spend towards core products, leaving it with an opportunity to win more market share in the bingo space.
Stride operates the Kitty Bingo, Lucky Pants Bingo, Bingo Extra, Jackpot Café, Jackpot Liner, King Jackpot brands, together with the online casino brands Spin and Win and Magical Vegas.
By Sam Unsted; [email protected]; @SamUAtAlliance
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