The issuance of the Swiss subsidiary of Alrov Real Estate, which was planned to take place in Zurich: a week after the publication of theprospectus Ahead of the IPO in Zurich, Alrov Real Estate of Alfred Akirov today updates that it is postponing the move due to market conditions – and that it will re-examine the IPO. The announcement sharply lowers the share of Alrov Real. “On the Tel Aviv Stock Exchange.
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The subsidiary in question is Afik Suisse, which owns income-producing real estate mainly in the office and retail sectors. According to preliminary estimates published by Alrov Real Estate, the company aimed to raise 200 million Swiss francs (NIS 754 million) and a value between 695 and 778 million Swiss francs (2.62 to NIS 2.93 billion). Alrov Real Estate holds 77.8% of Afik Suisse’s share capital and in the event of an IPO, it would fall to a holding rate of 55.4%.
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Afik owns 24 income-producing properties in Switzerland and has hardly been affected by the Corona crisis. Its rental income increased by 5% in the first half of 2020 and amounted to 27.3 million Swiss francs. However, net profit was cut by 60% and amounted to 11.1 million Swiss francs, mainly due to a reduction in value by the appraisers. God-FFO In the first half (operating cash flow), it amounted to 15.2 Swiss francs, against FFO Annual of 29.3 million Swiss francs in 2019.
The IPO is a move that Alrov Real Estate and its minority partners in Afik Suisse, the Greenbaum family, have been promoting for years. As far as is known, one of the family members, Roni Greenbaum, serves as Afik’s chairman, Akirov and the Greenbaum family agreed in a joint agreement that they would work to carry out the issue in question on the Swiss stock exchange.
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