(Renaissance Capital's research analysts) Nordic Realty Trust, a newly organized REIT formed to acquire office and industrial properties in Norway, announced terms for its IPO on Tuesday. The New York, NY-based company plans to raise $75 million by offering 5 million shares at a price of $15. At the proposed price, Nordic Realty Trust would command a fully diluted market value of $81 million. They are raising an additional $3 million in a private placement.
Nordic Realty is led by CEO Bjarne Eggesbø, who previously served as CIO and CEO of Obligo Investment Management, a Norway-based asset manager with $8 billion in AUM, including $6 billion in real estate holdings. Under the Obligo-organzied Polar Star Realty Trust (PSRT), he worked to amass a $1.5 billion acquisition pipeline to be funded in part by IPO proceeds, however the IPO was postponed when this portfolio was sold to an institutional investor.
Nordic Realty Trust, which was founded in 2015, plans to list on the Nasdaq under the symbol NORT. Wunderlich Securities is the sole bookrunner on the deal. It is expected to price during the week of January 25, 2016.
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