Finnish real estate trust Orava plans IPO this year
HELSINKI Aug 22 (Reuters) - Orava Asuntorahasto, Finland's first real estate investment trust, plans to go public this autumn, its chairman said on Thursday.
Orava Chairman Jouni Torasvirta told Reuters the fund, which currently holds flats worth 44 million euros ($59 million), is planning to raise 10-30 million euros through an initial public offering (IPO).
Under Finnish regulations, it will pay out 90 percent of its revenue from rents and sales gains as dividends, and will be entitled for relief from corporate tax.
The listing would mark the first fully-fledged IPO on the Helsinki Stock Exchange since 2007, which has in recent years seen only listings of companies spun off from others or dual-listings.
Finnish magazine Arvopaperi reported Orava's plans earlier. ($1 = 0.7476 euros) (Reporting By Jussi Rosendahl; editing by Tom Pfeiffer)
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