LAWFUEL – Law News, Law Jobs Network – Simmons & Simmons has advised Yatra Capital on its Euro105m Euronext IPO, whereby Yatra Capital has become the first Indian real estate investment company to list on the Eurolist by Euronext of Euronext Amsterdam.
Yatra Capital was established to provide international investors including Morley Fund Management, Fortis Investments and Standard Life, with an opportunity to capitalise on the real estate market in India, where the directors believe there are significant opportunities arising from the Indian Government’s recent liberalisation of the foreign direct investment guidelines, coupled with the rapid growth of the Indian economy.
Yatra Capital will target capital growth for its investors through the ownership, development and sale of high quality residential, commercial and retail properties in India. Investments will be diversified across different asset classes and locations in India with a primary focus on tier II and tier III cities. The Company will also consider select strategic opportunities in tier I cities where the directors believe there is value to be gained.
Saffron Capital Advisors, an asset management advisory firm dedicated to Indian real estate, will act as fund and asset manager to the company. Through its extensive network in India, Saffron has already established a pipeline of potential investments for the Company with a value of around Euro390m and expects the Company to be fully invested in around 12 to18 months.
The Simmons & Simmons team was led by Bastiaan Siemers, who was responsible for the Dutch legal advice. Chris Jones of Mishcon de Reya acted as lead advisor, ABN AMRO was involved as listing agent and Fairfax IS Plc was active as placing agent.
Bastiaan Siemers says:
“This IPO, together with some recent precedents, is a good example of a growing trend for foreign investment funds to get access to the Dutch and international capital markets through listing in Amsterdam while their choice for a domicile on the Channel Islands allows for flexibility.”
Yatra Capital has listed 10,000,000 shares. The opening price was Euro10.50 resulting in a total market cap of Euro105m.