Irish hotel operator Dalata has raised €265 million from listing its shares in Dublin and London, the latest real estate-related initial public offering as the property market stabilises.
Dalata raised more that its targeted €150 million to €200 million and said the proceeds would be used to acquire a portfolio of some 16-25 hotels throughout Ireland and to pay down debt of €4.1 million.
“We are pleased to welcome quality international institutions as shareholders on admission and believe that this reflects the strength of our investment case and prospects,” Dalata chief executive Pat McCann said in a statement.
Mr McCann, an industry veteran and former head of the Jurys Doyle Hotel Group, founded Dalata in 2007 and it now operates 40 hotels, including the 13-strong Maldron chain.
The listing follows the establishment of the country’s first real estate investment trusts (REIT) with successful initial public offerings last year by Hibernia REIT and Green REIT.
Reuters