GDANSK: Turkish real estate investment trust Emlak Konut completed the initial public offering of real estate certificates for its Damla Kent project, raising 21.41 billion lira ($525.8 million) amid strong investor demand.
The sale covered 1.92 billion certificates offered to investors and an additional 897.1 million in overallotments, all priced at 7.59 lira each, the bookrunner Halk Yatirim Menkul Degerler said in a statement to the stock exchange.
Demand for the base offer reached 1.87 times, with a total of 3.60 billion certificates sought.
Emlak Konut said on July 24 it had received approval from the Turkish Capital Markets Board to issue the certificates, with the first stage expected to raise 14.60 billion lira and cover 1,540 residential units. Depending on demand, the offer could be expanded by 674 units, bringing the total to 21.41 billion lira.
Emlak Konut REIT said it aimed to finance construction of 2,214 residential units with the IPO.
($1 = 40.7130 lira) (Reporting by Canan Sevgili and Miraç Eren Dereli. Editing by Mark Potter)