* Offer price set at 10 euros per share
* Shares to start trade on June 30
* Fifth property fund to list in Spain (Adds listing date, bookrunners, background)
June 13 (Reuters) - Spanish real estate investment trust Merlin Properties said on Friday it hoped to raise 1.5 billion euros ($2 billion) through a stock market flotation.
Merlin is the fifth property fund to list in Spain, capitalising on a surge of interest in real estate in the country after a five-year downturn which pushed prices down by over 40 percent.
Real estate investment trusts, or REITS, are listed vehicles that typically invest in income-producing assets like rental properties. The instruments carry tax advantages and attractive returns.
Merlin will focus on the buying and managing commercial property. The offer will be directed at institutional investors and will initially be for 150 million shares at 10 euros each. The new shares are expected to start trading on June 30.
Merlin had already secured more than 600 million euros in investment commitments, the company said. There will be an over-allotment option for up to 22.5 million further shares.
Credit Suisse will act as global co-ordinator for the deal, while Credit Suisse, Deutsche Bank and UBS will act as bookrunners. ($1 = 0.7345 Euros) (Reporting by Andres Gonzalez; Writing by Sonya Dowsett; Editing by Tracy Rucinski and David Holmes)