January 22, 2018 / 8:38 PM / 2 months ago

Argentine developer TGLT plans New York listing by end 2018 -CEO

BUENOS AIRES, Jan 22 (Reuters) - Argentine real estate developer TGLT SA plans to raise capital with a share listing on the New York Stock Exchange by the end of 2018, Chief Executive Federico Weil told Reuters in a telephone interview on Monday.

The company will also launch a local share offering to raise funds to purchase the shares of construction company Caputo SAIC y F that it did not buy in an acquisition last week. The $110.1 million deal left TGLT with 82.32 percent of Caputo’s share capital and voting rights.

“We are very positive on the Argentine construction and real estate markets,” Weil said.

The plans to offer shares come as President Mauricio Macri’s government is stimulating the real estate market through subsidized mortgage credits. Since his election in late 2015, Macri has gotten rid of heavy handed currency and trade controls that scared off private investment during the previous administration.

The construction sector has surged in part thanks to public works investment, which could rise 60 percent this year as a result of public-private partnerships.

Last August, TGLT raised $150 million through an international sale of 10-year bonds. (Reporting by Walter Bianchi; Writing by Luc Cohen; Editing by Steve Orlofsky)

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