DUBLIN, March 18 Irish hotel operator Dalata
has raised 265 million euros ($369 million) from listing
its shares in Dublin and London, the latest real estate-related
initial public offering as the property market stabilises.
Irish commercial property prices have steadied after falls
of around 65 percent when a credit-fuelled real estate bubble
burst, leading to a surge in demand from international investors
for hotels, office blocks and retail units.
Dalata raised more that its targeted 150 to 200 million
euros and said on Tuesday 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 euros.
"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.
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.
Dalata's fund raising comes as Ireland's state-owned
National Asset Management Agency (NAMA), the "bad bank" set up
to purge lenders of soured loans and assets, prepares to bring a
number of prime Dublin hotels to the market.
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
European IPO activity has more than tripled year-on-year to
$12 billion so far in 2014, as investors rush to cash in on the
region's nascent economic recovery.